Payment of Tax

Payment of Tax

Payment of Tax Date and Number of installment is fixed as per Income Tax Law 1)       Non- Corporate Assesee : (BOI, Individual, HUF, ... 7:11 AM

Payment of Tax

Date and Number of installment is fixed as per Income Tax Law

1)      Non- Corporate Assesee : (BOI, Individual, HUF, Partnership firm)

1.      15 September of the previous year     = 30% of total advance tax

2.      15 December  of the previous year    =60% (30% reduced) or next 30%

3.      15 March of the current month          = 40% of total amount of advance tax

2)         Corporate Assesee

1)      15 June of the previous year                = 15% of to total advance tax

2)      15 September of the previous year      =45% (15% reduced) total advance tax

3)      15 December  of the previous year      = 75% (45% reduced) total advance tax

4)      15 March of the current month            = 25% (75% reduced) total advance tax

Advance tax amount can be increase or decrease at the time of making installment or paying installment.

·         In case of any default

If advance tax is not paid by assesee on due date than IT department charge a penalty @ of rupees 1% per month of the advance tax or installment  amount of advance tax as a simple interest.

·         Corporate Assesee in case of any default

For corporate assesee, IT act give some exemption. If assesee pay 12% advance tax of first installment instead of 15% than no penalty would be imposed on assesee or in second installment paid 36% instead of 45%.