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Advance Income Tax with due Dates for Filing Return

With due dates for Filling Returns

PAYMENT OF ADVNCE TAX ON THE ESTIMATED TAXABLE INCOME BY ALL ASSESSEE
 (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.

Installment

Percentage

Due Date

First
Second
Final

30%
30%
40%

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

Description

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

 

July,31

July,31

 

September, 30

 
 
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Every person,— (a) being a company or a firm; (whether having income or loss) or (b) being a person other than a company or a firm if his total income or the total ncome of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall file a return of his income in the prescribed form.
 
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Section-139(9): Defective Tax Return
Where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of 15 days from the date of intimation.
 
Section 139(5) : Revised Income Tax Return
If any person, having furnished a return u/s 139(1), or in pursuance of a notice issued under section 142(1), discovers any omission or any wrong statement therein, he may furnish a revised return at any time.
 
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Every person in receipt of income derived from property held under trust or other legal obligation wholly or partly for charitable or religious purposes or of income being voluntary contributions referred to in section 2(24)(iia) shall.
 
Section-139(4) : Belated Income Tax Return
If an assessee has not furnished a return of his income within the time allowed to him under section 139(1) or within the time allowed under a notice issued under section 142(1).
 
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