Ankit Gupta
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 Profit and Gains from Business and Profession.
- 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.
2.- Due Date of Payment of Advance Tax
| Due Date | % of Advance Tax required to be deposited (CORPORATE ASSESSEE) | % of Advance Tax required to be deposited (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
4. – Computation of Advance Tax Liability
| Items | Amount |
| Income under head Salary | xxx |
| Income under head House Property | xxx |
| Income under head Capital Gain | xxx |
| Income under head Other Sources | xxx |
| Income under head P/G/B/P | xxx |
| Gross Total Income | xxx |
| (-)Deductions under chapter VI-A | xxx |
| Total Income | xxx |
| Tax on Total Income | xxx |
| (-) TDS / TCS | xxx |
| (-) MAT credit | xxx |
| (-) Section 89(1) relief | xxx |
| (-) Relief u/s 90 & 91 | xxx |
| TOTAL ADVANCE TAX LIABILITY | xxx |
(Author Can Be Reached At ankit@taxzippy.com Web- www.taxzippy.com)
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Hi , My father has passed away in September 2015. It was a Partnership Firm with his uncle(85+years). MY mother is still doing the documentation to do become the PArtner in my Father’s Stead to wrap it up within the next year or so.. What should we do regarding the Advance Tax due on 15.12.2015?
Should we pay a certain amount as usually paid in December. As per the PArtnership Agreement , the same is not dissolved upon my father’s death and it can continue to function with the living partner and the legal heirs .
Kidnly suggest
HI
Advance tax is to be calculated on the estimated total income of the year as whole.any windfall gain or loss in the last fortnight of the financial year would invariably result in refund or self Assessment Tax.Thereis no other option
HE IS REQUIRED TO COMPUTE HIS ADVANCE TAX LIABILITY BY CONSIDERING WHOLE OF SUCH INCOME IN THE RESPECTIVE QUARTER ONLY
SAY IF HE EARN 1 CR IN SEPTEMBER 2014 THEN WHILE COMPUTING HIS ADVANCE TAX LIABILITY FOR JULY-SEPT .. HE SHALL CONSIDER WHOLE 1 CR AS HIS INCOME FOR THE QUARTER
REGARDS
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Hai,
If any one earned huge unexpected amount at a time. Then what is the consequences for payment of advance tax.
YES .. YOU R RIGHT
Nice
Below the tax on total income
first deduction should be (-) TDS/TCS.
Am I right?