Friends, before a month i.e. September is a due month pay Advance tax for non-corporate cases (Non-Company). This is 1st Installment due for non-corporate case (Non-company) with 30% of gross Income Tax. As well as 2nd installment for Corporate Case (Company) paid Advance Tax with 30% today.
What is Advance Tax?
Tax payers whose total income is likely to be chargeable to tax for the assessment year are required to pay tax in advance during the financial year (April 1 to March 31) on their estimated current income, which will be assessable to tax during the next following financial year called assessment year. The current income for this purpose means the total income which will be chargeable to tax in the relevant assessment year.
The advance tax payable is the tax on the current income minus the tax deductible at source or collectible out of any income included in the current income.
What are the Due Dates and How to Calculate Advance Tax ?
The following chart helps you to knowing the due dates to pay Advance Tax and its Calculation.
Example:
If the Tax payee pays Gross Total Tax in whole year for A.Y. 2013-14 i.e. Rs. 100000.00 then;
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ADVANCE TAX CHART
|
Gross Income Tax
|
Rs. 100000.00
|
For Non Corporate Cases (Non-Company)
|
Rates
|
Amount of Tax (Rs.)
|
15th Sep
|
30%
|
30000
|
15th Dec
|
30%
|
30000
|
15th Mar
|
40%
|
40000
|
For Corporate Cases (Company)
|
Rates
|
Amount of Tax (Rs.)
|
15th June
|
15%
|
15000
|
15th Sep
|
30%
|
30000
|
15th Dec
|
30%
|
30000
|
15th Mar
|
25%
|
25000
|
