pkaggarwal (ed) (48 Points)
26 March 2013For a non corporate assesse, if he/she misses the last date for depositing the advance tax [15 March 2013]; I think, it still makes sense to deposit the same by 31 March 2013, because one saves interest of atleast one month.
My query is whether to deposit such amount [ between 16 march 2013 to 31 march 2013] under the advance tax code or under the self assesment code because as per definition, tax paid before 31 march is an advance tax and not the self assesment tax. ?
CA D.C. Bansal
(Accounts Head)
(283 Points)
Replied 26 March 2013
In my opinion depositing tax after 15 is not beneficial because for uning the money from 16 to 31 (1 to 16 days) we will have to pay the interest for the full month. However, tax deposited upto 31st March will be considered as an advance tax even if paid after the due date.
CAclubindia
