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Hi, any one please explain me about Advance tax 1) what are the percentates and payment dates 2) How to calculate Advance tax Thanks in advance, Mallikarjuna Reddy
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late payment 1% ; interest 1.5% & penalty Rs.200/- per day , but subject to does not exceed tds amount
Advance tax means income tax should be paid in advance instead of lump sum payment at the end of the year end. It is also known as ‘pay as you earn tax’. You need to pay them in installments as per due dates provided by the income tax department.
If your total tax liability is Rs 10,000 or more in a financial year, you have to pay advance tax. Advance tax applies to all taxpayers, salaried, freelancers, and businesses. Senior citizens, who are 60 years or older but do not run a business, are exempt from paying advance tax.
The taxpayers who have opted for presumptive taxation scheme have to pay the whole amount of their advance tax in one installment on or before 15 March. They also have an option to pay all of their tax dues by 31 March.
Due Dates for payment of Advance Tax
FY 2018-19 For both individual and corporate taxpayers
Due Date Advance Tax Payable
On or before 15th June 15% of advance tax less advance tax already paid
On or before 15th September 45% of advance tax less advance tax already paid
On or before 15th December 75% of advance tax less advance tax already paid
On or before 15th March 100% of advance tax less advance tax already paid
For taxpayers who have opted for Presumptive Taxation Scheme – Business Income
Due Date Advance Tax Payable
by 15th March 100% of advance tax
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