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Advance Income Tax

U.C Date : 06 June 2015

Advance Income Tax Due Dates

  • Financial year 2016-17 
  • Financial year 2015-16

Due dates for all assessee including those covered under section 44ADA, except those who are covered under section 44AD.

Due Date Amount Payable
15th June 2016 Not less than 15% of advance tax.
15th September 2016 Not less than 45% of advance tax as reduced by the amount paid in the earlier instalment.
15th December 2016 Not less than 75% of advance tax as reduced by the amount paid in the earlier instalments.
15th March 2016 The whole amount (100%) of advance tax as reduced by the amount paid in the earlier instalments.

Notes:-

  1. Advance tax is payable in case where the amount of tax payable in respect of such financial year is Rs. 10,000 or more.
  2. In case of assessee opting for presumptive business income u/s 44AD, it is proposed to pay entire amount of advance tax on such income in one instalment on or before 15th March.
  3. Resident individuals who are over 60 years of age and do not have income chargeable under the head ‘Profits and Gains of Business or Profession’ are not required to pay advance tax.
  4. Any amount paid by way of advance tax on or before 31st March shall also be treated as advance tax paid during financial year ending on that day.
  5. Deduction under Chapter VIA are allowable while computing liability of advance tax.
  6. Payment is made by Challan No/ITS 280.
  7. If advance tax is not paid till due date then interest is payable as calculated under section 234C.
Due Date For all companies For all other assessees
15th June 15% of the advance tax Not Applicable
15th September 45% of the advance tax 30% of the advance tax
15th December 75% of the advance tax 60% of the advance tax
15th March 100% of the advance tax 100% of the advance tax

Notes:-

  1. Advance tax is payable in case where the amount of tax payable in respect of such financial year is Rs. 10,000 or more.
  2. Advance tax is not applicable on the business income computed under the presumptive basis (at the rate of 8% of the turnover).
  3. Payment is made by Challan No/ITS 280.
  4. If advance tax is not paid till due date then interest is payable as calculated under section 234C.
  5. Any amount paid by way of advance tax on or before 31st March shall also be treated as advance tax paid during financial year ending on that day
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