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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.30,000 , he has to pay an Advance Tax of Rs.9,000 each in 1st & 2nd Installment & Rs. 12,000 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. 5,000.
  2. When employer deducts tax from Salary, employee need not pay Advance Tax.
  3. Non-payment or short payment of Advance Tax will attract penal interest.

Advance Tax Example :
 
Mr. Sanjay estimates his income for the F/Year 2008-2009 as on
1.9.2008.
Details :

  1. Business Income                                           5,00,000
  2. Interest from Bank & NSC                             25,000
  3. PPF Contribution                                           10,000
  4. Life Insurance Premium                                 26,000
  5. ELSS                                                             10,000
  6. TDS on Interest                                            2,600

Solutions :

Taxable Income :

(1 & 2) Rs. 5,00,000 + 25,000                                  = 5,25,000
(3 to 5) Rs. 10,000, 26,000, 10,000                         = (-)46,000        
                                                                       _______________
                                                                                = 4,79,000

Tax on 4,79,000 including EDU Cess @3%              32,857
Less : TDS on Interest                                              2,400
Total Tax Payable                                                 30,457

Installment of Advance Tax Payable

1 st.  -   30% on 30,457 payable on 15/09/10                    9,137
2 nd.  -  30% on 30,457 payable on 15/12/10                    9,137
3 rd.  -  40% on  30,457724 payable on 15/03/2011         12,283

 

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

Note :
a Failure to file Returns within the due date attracts interest @ 1% p.m. on the balance tax payable from the due date to the actual date of filling.
a If a person required to file Return u/s 139(1) fails to file Return before the end of the relevant Assessment Year a penalty of Rs. 5,000 shall be levied.

 
 
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