Under Income Tax Act, 1961 certain type of Assessee are required to Pay Advance Tax in 4 Instalments. Short or Non Payment of Advance Tax tax results in levy of Interest Under Section 234A, Section 234B and Section 234C of Income Tax Act, 1961. Advance Tax Instalment falls every Year on 15th June, 15th September, 15th December and 15th March and Assessee needs to pay 15%, 45%, 75% and 100% of the Advance Tax payable.
Advance Income Tax Provisions explaining Taxpayers liable to pay Advance Tax, Mode of Advance Tax Payment and Schedule for payment of Advance Tax is as follows:-
Taxpayers liable to pay Advance Tax
|Mode of Payment||Schedule for payment of Advance Tax|
||♠ e-payment is mandatory for all Corporates and also those assessees whose accounts are required to be audited u/s 44 AB of the Income tax Act.
♠ e-payment is convenient for other taxpayers also as it ensures correct credit.
|a) On or before 15th of June||15% of the Advance Tax payable.|
|b) On or before 15th of September||45% of the Advance Tax|
|b) On or before 15th of December||75% of the Advance Tax payable.|
|c) On or before 15th of March.||100% of the Advance Tax payable|