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Advance Tax

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Advance tax payment under Income Tax and calculation

Income Tax : Learn how to calculate advance tax, payment deadlines, and exemptions. Find the steps for online payment and consequences of non-p...

September 24, 2024 7119 Views 2 comments Print

Advance Tax under Income Tax Act, 1961

Income Tax : Understand key aspects of advance tax, including compliance, payment due dates, revisions, and liabilities. Learn who is exempt fr...

August 29, 2024 60183 Views 0 comment Print

Advance tax e-campaign based on significant transactions

Income Tax : Explore an e-campaign by the Income Tax Department on significant transactions and advance tax payments. Learn about advance tax, ...

March 14, 2024 1104 Views 0 comment Print

Tax Compliances/Task to do on or before 31st March 2024

Goods and Services Tax : Learn about crucial tax compliances to complete before 31st March 2024 to avoid future complications. From advance tax payments to...

March 12, 2024 3144 Views 0 comment Print

Advance Tax Made Simple: A Guide for Income Taxpayers

Income Tax : Learn about Advance Tax, a 'pay as you earn' system in India. Find out who needs to pay, calculation methods, due dates, and FAQs ...

March 7, 2024 4371 Views 0 comment Print


Latest News


Direct and Advance Tax Collections Update FY 2024-25

Income Tax : As of September 17, 2024, direct and advance tax collections show significant growth compared to the previous fiscal year....

September 19, 2024 675 Views 0 comment Print

Income Tax Dept admits Inconsistencies in Securities Market Data (SFT-17)

Income Tax : Income Tax Department has identified certain inconsistencies in the Statement of Financial Transactions (SFT-17) data related to s...

March 12, 2024 1533 Views 0 comment Print

Ministry of Finance Launches e-Campaign for Advance Tax Compliance

Income Tax : The Income Tax Department, under the Ministry of Finance, is set to initiate an e-campaign aimed at enhancing taxpayer compliance ...

March 10, 2024 780 Views 0 comment Print

Net Direct Tax collections for F.Y. 2021-22 grown by more than 60%

Income Tax : Advance Tax collections for the F.Y. 2021-22 (Till 3rd Installment) stand at Rs. 4,59,917.10 crore as on 16.12.2021 which shows a ...

December 18, 2021 1104 Views 0 comment Print

​​​​​​​Provisional Direct Tax collections for FY 2020-21 shows growth of almost 5%

Income Tax : Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21....

April 9, 2021 810 Views 0 comment Print


Latest Judiciary


Tax Compliances/Task to do on or before 31st March 2024

Goods and Services Tax : Learn about crucial tax compliances to complete before 31st March 2024 to avoid future complications. From advance tax payments to...

March 12, 2024 3144 Views 0 comment Print

AO Must allow Advance Tax credit Despite Assessee Error: ITAT Mumbai

Income Tax : Analysis of the ITAT Mumbai ruling in the case of Damco India Pvt Ltd Vs CIT. Key insights into why the AO must grant advance tax ...

September 5, 2023 1059 Views 0 comment Print

GST on supply of fortified wholemeal flour to Food & Supplies Department

Goods and Services Tax : AAAR rule that in the instant case the supply of fortified wholemeal flour to the Food & Supplies Department, Government of West B...

August 22, 2022 813 Views 0 comment Print

Corrigendum order in case M/s Emerald court Co-operative Housing Society Ltd.

Goods and Services Tax : In re Emerald Court Co-operative Housing Society Ltd. (GST AAR Maharashtra) CORRIGENDUM In the case of the applicant, M/s. Emerald...

July 27, 2021 1314 Views 0 comment Print

GST on supply installation, operation & maintenance of Greenfield Public Street Lighting System

Goods and Services Tax : In re Nexustar Lighting Project Private Limited (GST AAR Odisha) Question No. 1 Whether in facts and circumstances of the case, th...

January 20, 2021 1551 Views 0 comment Print


Latest Notifications


CBDT extends due date of Advance Tax for North Eastern Region

Income Tax : Extension of date of Direct Tax payment in respect of third installment of advance tax for FY 2019-20 Considering the large-scale ...

December 16, 2019 10278 Views 0 comment Print


Advance Tax Payment Due Dates: When do you have to pay it?

December 26, 2023 5019 Views 0 comment Print

Stay ahead of tax obligations! Explore advance tax due dates for FY 2023-24, calculation methods, exemptions, TDS insights, and consequences of non-payment. Be tax-savvy!

Pay 3rd Instalment Advance Tax for AY 2024-25 by 15th Dec: Guidelines & Example

December 8, 2023 6585 Views 0 comment Print

Understand how to pay your 3rd instalment of Advance Tax for the Assessment Year 2024-25 before the deadline on 15th December. Detailed guidelines and a practical example provided.

AO Must allow Advance Tax credit Despite Assessee Error: ITAT Mumbai

September 5, 2023 1059 Views 0 comment Print

Analysis of the ITAT Mumbai ruling in the case of Damco India Pvt Ltd Vs CIT. Key insights into why the AO must grant advance tax credits overlooked by the taxpayer.

Budget 2023 clarifies Section 234B interest while filing Updated Return

February 5, 2023 4413 Views 0 comment Print

Interest payable under section 234B shall be computed on an amount equal to the assessed tax as reduced by the amount of advance tax, the credit for which has been claimed in the earlier return, if any.

GST on supply of fortified wholemeal flour to Food & Supplies Department

August 22, 2022 813 Views 0 comment Print

AAAR rule that in the instant case the supply of fortified wholemeal flour to the Food & Supplies Department, Government of West Bengal will fall under entry no. 3A of Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 and exempt from taxation.

Points Be Kept in Mind While Paying Advance Tax

July 29, 2022 1572 Views 0 comment Print

If income tax liability of a taxpayer exceeds Rs 10,000 in a financial year, then he is liable to pay such tax in installments as Advance Tax

Liability to deduct section 194R TDS on Benefit or Perquisite in Business or Profession

July 19, 2022 17907 Views 0 comment Print

Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, is liable w.e.f. 1-7-2022 to deduct TDS U/s 194R @ 10% on the value or aggregate value of such benefit or perquisite.

Advance Tax under Income Tax, 1961

June 5, 2022 3126 Views 0 comment Print

Discover the essentials of Advance Tax under the Income Tax Act, 1961. Learn who is liable, when to pay, and how much to pay. Uncover the consequences of non-payment and the benefits of fulfilling your Advance Tax obligations. Ensure a smooth tax journey with key insights and timely payments.

Advance Tax Compliance under Income Tax Act, 1961

March 12, 2022 5817 Views 0 comment Print

Advance Tax refers to Income tax collected in advance from the taxpayer for the year before the end of the concerned financial year. Advance Tax is payable by the taxpayer during a financial year in every case where the amount of tax payable exceeds Rs 10,000/- Advance Tax is calculated on the basis of expected […]

Apropos of Advance Tax under Income Tax Act, 1961

January 31, 2022 1950 Views 0 comment Print

What Is Advance Tax? As we already know that the income-tax is payable on the income earned during the previous year and it is assessed or charges in the immediate succeeding assessment year (e.g.: I earned income in year 2021-22 will be assessed in next year i.e., 2022-23. In this case, my previous year would […]

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