With due dates for Filling Returns
PAYMENT OF ADVNCE TAX ON THE ESTIMATED TAXABLE INCOME BY ALL ASSESSEE
(Other than companies) |
Eg.: If an Assessee’s estimated tax payable for the full year is Rs.30,000 , he has to pay an Advance Tax of Rs.9,000 each in 1st & 2nd Installment & Rs. 12,000 in Final Installment.
|
Installment |
Percentage |
Due Date |
First
Second
Final |
30%
30%
40% |
15th September
15th December
15th March |
- No Advance Tax need to be paid, if total tax payable for the year is less than Rs. 5,000.
- When employer deducts tax from Salary, employee need not pay Advance Tax.
- Non-payment or short payment of Advance Tax will attract penal interest.
Advance Tax Example :
Mr. Sanjay estimates his income for the F/Year 2008-2009 as on
1.9.2008.
Details :
- Business Income 5,00,000
- Interest from Bank & NSC 25,000
- PPF Contribution 10,000
- Life Insurance Premium 26,000
- ELSS 10,000
- TDS on Interest 2,600
Solutions :
Taxable Income :
(1 & 2) Rs. 5,00,000 + 25,000 = 5,25,000
(3 to 5) Rs. 10,000, 26,000, 10,000 = (-)46,000
_______________
= 4,79,000
Tax on 4,79,000 including EDU Cess @3% 32,857
Less : TDS on Interest 2,400
Total Tax Payable 30,457
Installment of Advance Tax Payable
1 st. - 30% on 30,457 payable on 15/09/10 9,137
2 nd. - 30% on 30,457 payable on 15/12/10 9,137
3 rd. - 40% on 30,457724 payable on 15/03/2011 12,283
To Avoid Penalty - File Your Return before Due Date
Description |
Due Date |
1. Salaried Employees
2. Business Class - Non-company Assessee
a) Whose accounts need NOT be compulsorily audited
b) Whose accounts required to be compulsorily audited
3. Co-operative Societies
4. Trust/Charitable Institutions claiming exemption u/s11
5. Companies
|
July,31
July,31
September, 30 |
Note :
a Failure to file Returns within the due date attracts interest @ 1% p.m. on the balance tax payable from the due date to the actual date of filling.
a If a person required to file Return u/s 139(1) fails to file Return before the end of the relevant Assessment Year a penalty of Rs. 5,000 shall be levied. |
