Advance Tax
vivek anandan (21 Points)
21 January 2019
when will advance tax provisions applicable when the tax liability crosses what limit....?
2 Replies
PUSHP KUMAR SAHU
(CA FINAL ASPIRANT)
(3115 Points)
Replied 21 January 2019
Due Dates for payment of Advance Tax
FY 2018-19 For both individual and corporate taxpayers
Due DateAdvance Tax PayableOn or before 15th June15% of advance taxOn or before 15th September45% of advance taxOn or before 15th December75% of advance taxOn or before 15th March100% o
Iiability to pay advance tax
If your tax liability for a year is more than Rs 10,000, you will be liable for payment of advance tax
Non payment of advance tax will result in levy of interest under 234B and 234C of the Income tax Act, 1961.
You can still go ahead with payment of advance tax on or before the 31 March of the year. Such payment will still be treated as advance tax only.
Advance tax payment is made using Challan 280 just like any other regular tax payment.
FY 2018-19 For both individual and corporate taxpayers
Due DateAdvance Tax PayableOn or before 15th June15% of advance taxOn or before 15th September45% of advance taxOn or before 15th December75% of advance taxOn or before 15th March100% o
Iiability to pay advance tax
If your tax liability for a year is more than Rs 10,000, you will be liable for payment of advance tax
Non payment of advance tax will result in levy of interest under 234B and 234C of the Income tax Act, 1961.
You can still go ahead with payment of advance tax on or before the 31 March of the year. Such payment will still be treated as advance tax only.
Advance tax payment is made using Challan 280 just like any other regular tax payment.
MOHAMMED IMRAN
(1020 Points)
Replied 21 January 2019
u/s 208, obligation to pay advance tax arises in every case where the advance tax payable is RS 10,000 or more
in case of senior citizen (of the age of 60years or more) being a resident individual - not having any income chargeable Under the head " profits and gains of business or profession" - exempt from from payment of advance tax and are allowed to discharge their tax liability (other than TDS) by payment of self - assessment tax
in case of senior citizen (of the age of 60years or more) being a resident individual - not having any income chargeable Under the head " profits and gains of business or profession" - exempt from from payment of advance tax and are allowed to discharge their tax liability (other than TDS) by payment of self - assessment tax
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