Hi buddy,
Advance tax payment is a system where taxpayers pay income tax in advance instead of a lump-sum payment at the year-end. It is also referred to as pay as you earn tax. They are required to make the payment in instalments as per the due dates given by the IT department. I will tell you about the advance tax payment dates in this answer.
Should You Pay Advance Tax?The eligibility criteria you’ll need to fulfil if you want to pay advance tax:
Your tax liability should be Rs. 10000 or more.
You should be a self-employed or salaried individual.
Income or rent earned from house property.
Winnings earned from a lottery.
Interest earned on FDs.
Income received via capital gains on shares.
Self-employed and business owners are required to pay up |
|
| Advance Tax Payment Due Date | Amount Payable |
On or before 15 th Sept. |
30 percent |
On or before 15 th Dec. |
60 percent |
On or before 15 th March |
100 percent |
Companies are required to pay up |
|
| Advance Tax Payment Due Date | Amount Payable |
On or before 15 th June |
15 percent |
On or before 15 th Sept. |
45 percent |
On or before 15 th Dec. |
75 percent |
On or before 15 th March |
100 percent |
Now you know about the advance tax payment last date.
For instance, Parul says that her company’s estimated taxable income for the current year will be Rs. 10 lakh. Assuming no income deductions were claimed, she will have to pay Rs. 112,500 as taxes.
Advance tax payment will be made as follows:
| Advance Tax Payment Due Date | Amount Payable |
On or before 15 th June |
Rs. 16,875 (15 percent) |
On or before 15 th Sept. |
Rs. 33,750 (45 percent) |
On or before 15 th Dec. |
Rs. 33,750 (75 percent) |
On or before 15 th March |
Rs. 28,125 (100 percent) |
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Read more:
What is difference between advance tax and self assessment tax?
How to calculate interest on late payment of advance tax?
How is advance tax penalty calculated?
When does one have to pay advance tax ?
How to pay advance tax?
Who is liable to pay advance tax?
Please remember these advance tax payment dates to avoid a penalty
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Authors Of The Question
What are the last dates for advance tax payment?
Daya
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1 Answers
2 Year
2022-06-14T18:43:32+00:00 2022-06-14T19:10:05+00:00Comment
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