ALL YOU NEED TO KNOW ABOUT
ADVANCE TAX
1.- Section 208
:- An assessee is liable to pay
Advance Tax only if his ‘’Advance Tax’’ Liability is Rs.10,000 or more during
the previous year.
:- An individual whose age is 60
years or more at anytime during the previous year is not required to pay
Advance Tax if his Total Income does not carry income under the head P/G/B/P.
:- While
computing Advance Tax Liability, TDS/TCS amount shall not be reduced if the
person liable to deduct TDS has failed to deduct or if the person liable to
collect TCS has failed to collect it.
Due Date %of Advance Tax % oF
Advance Tax
required
to be deposit required
to be deposit
(CORPORATE ASSESSEE) (OTHER THAN CORPORATE ASSESSEE)
|
15th June
|
15%
|
0%
|
|
15th Sept.
|
45%
|
30%
|
|
15th Dec.
|
75%
|
60%
|
|
15th Mar.
|
100%
|
100%
|
3.- Section 210
:- An
Assessing officer may require assessee to pay Advance Tax by serving notice u/s
210 at an amount and in such manner as may be specified in the notice.
:-
No Appeal is possible against order u/s 210
:- No
order u/s 210 can be issued after 28th Feb of previous year.
:-
No order u/s 210 can be issued where no assessment has been made in respect of
any Assessment year.
:- Amount of Advance Tax required
to be deposit shall be computed by Assessing officer on the following manner :
:- Last Assessment made
:-Return filed by Assessee
Whichever is higher.
:- An assessee may voluntarily pay
Advance Tax at an amount higher than the amount specified in order u/s 210
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Income under head Salary
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xxx
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||
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Income under head House Property
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xxx
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||
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Income under head Capital Gain
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xxx
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||
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Income under head Other Sources
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xxx
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Income under head P/G/B/P
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xxx
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Gross Total Income
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xxx
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(-)Deductions under chapter VI-A
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xxx
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Total Income
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xxx
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Tax on Total Income
|
xxx
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||
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(-) TCS / TCS
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xx
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(-) MAT credit
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xx
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(-) Section 89(1) relief
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xx
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(-) Relief u/s 90 & 91
|
xx
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TOTAL ADVANCE TAX LIABILITY
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xxx
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