ALL YOU NEED TO KNOW ABOUT ADVANCE TAX

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 P/G/B/P.
:- 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                         % oF Advance Tax
                               required to be deposit                required to be deposit
                              (CORPORATE ASSESSEE)    (OTHER THAN CORPORATE ASSESSEE)
 
15^th June                              15%                                                 0%
15^th Sept.                             45%                                                30%
15^th Dec.                              75%                                                 60%
15^th 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 28^th 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
                        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                       
                        (-) TCS  / TCS                                                               xx
                        (-) MAT credit                                                             xx
                        (-) Section 89(1) relief                                                xx
                        (-) Relief u/s 90 & 91                                                  xx
                        TOTAL ADVANCE TAX LIABILITY                               xxx         
 
 
Author Can Be Reached At :
Ankit Gupta
ankit@taxzippy.com