Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year
 Tax-saving investments for senior citizens: Here are 4 ways to maximise your tax savings
 11 ways of tax savings for salaried individuals for FY 2023-24
 How selling equities before March 31 can help you save income tax
 Income tax benefits for senior citizens on interest income from savings, fixed deposits explained in eight points

Last date to submit third installment of advance tax is December 15
December, 13th 2017

Advance tax, also known as "Pay as you earn tax" is payable in installments within the due dates set by the IT department. As the name suggests, advance tax is paid in advance, instead of a taxpayer making a lumpsum payment at the end of the financial year.

Taxpayers will have to submit the third installment of advance tax latest by December 15 this year. According to the notifications, short payment or non-payment may lead to the income tax department levying penal interest.
Advance tax, also known as “Pay as you earn tax” is payable in installments within the due dates set by the IT department. As the name suggests, advance tax is paid in advance, instead of a taxpayer making a lump-sum payment at the end of the financial year.

Advance tax is liable on all tax payers including salaried individuals, freelance workers and businesses. All those whose tax liability is Rs 10,000 or more in a financial year, are liable to pay advance tax. Exemption is given in case of senior citizens aged 60 or above, who do not run a business.

Exemption from advance tax for FY 2017-18 is also given to those taxpayers opting for a presumptive scheme–where income from the business is assumed to be 8 per cent of turnover of less than Rs 2 crore. They are required to pay all their advance tax in one installment by March 15. However, the flexible deadline allows submission till March 31.

For both individuals and corporate taxpayers, the deadline for submitting the third installment of advance tax is December 15. In the first installment, taxpayers are liable to pay 15 per cent of advance tax and in subsequent three installments it increases to 45 per cent, 75 per cent and 100 per cent. The deadline is for FY 2017-18 and FY 2016.

Taxpayers that opt for presumptive taxation and earn business income from leasing, plying or hiring goods carriages also have the third installment deadline set for December 15.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting