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Advance Income Tax with due Dates for Filing Return


With due dates for Filling Returns

 (Other than companies)

Eg.: If an Assessee’s estimated tax payable for the full year is Rs.50,000 , he has to pay an Advance Tax of Rs.15,000 each in 1st & 2nd Installment & Rs. 20,000 in Final Installment.



Due Date



15th September
15th December
15th March

  1. No Advance Tax need to be paid, if total tax payable for the year is less than Rs. 10,000.
  2. When employer deducts tax from Salary, employee need not pay Advance Tax.
  3. A Senior Citizen ( above 60 yrs.), not having any income under Business or Profession need not pay Advance Tax.
  4. Non-payment or Short payment of Advance Tax will attract Interest.

Advance Tax Example :
Mr. Sanjay estimates his income for the F/Year 2014-2015 as on 1.9.2014.

Details :

  1. Business Income                                           10,00,000
  2. Interest from Bank & FD                                    60,000
  3. PPF Contribution                                             1,00,000
  4. Life Insurance Premium                                 30,000
  5. ELSS                                                             10,000
  6. TDS on Interest                                            6,000

Solutions :

Taxable Income :

(1 & 2) Rs. 10,00,000 + 60,000                               =     10,60,000
(3 to 5) Rs. 1,00,000, 30,000, 10,000                     = (-)   1,40,000        
                                                                                =      9,20,000

Tax on 9,20,000 including EDU Cess @3%              1,12,270
Less : TDS on Interest                                              6,000
Total Tax Payable                                                 1,06,270

Installment of Advance Tax Payable

1 st.  -   30% on 1,06,270 payable on 15/09/10                 31,881
2 nd.  -  30% on 1,06,270 payable on 15/12/10                 31,881
3 rd.  -  40% on  1,06,270 payable on 15/03/2011             42,508


To Avoid Penalty - File Your Return before Due Date


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





September, 30

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