Advance Tax due dates

 (New Amendment from 1-6-2016)

DUE DATE

TAX TO BE DEPOSITED

Normal cases

44AD/44ADA 

Business

15-Jun 15% 0%
15-Sep 45% 0%
15-Dec 75% 0%
15-Mar 100% 100%

This % to be calculated of annual tax

Tax already paid to be deducted

Example 1

Suppose a person expects to earn profit of 480000

What is advance tax payable on different dates?

View Answer

Example 2

Suppose in last question,TDS is also deducted of person of Rs 2000

-a-

Income=480000

Tax on 480000=23000

Rebate=5000

Net tax-18000

Cess=540

Tax+Cess=18540

Less TDS=2000

Bal Tax=16840

Advance tax to be deposited by 15 June=15% of 16840=2526

Advance tax to be deposited by 15 Sep=45% of 16840=7578-Already deposited=7578-2526=5052

 Advance tax to be deposited by 15 Dec=75% of 16840=12630-Already deposited=12630-5052-2526=5052

 Advance tax to be deposited by 15 March=100% of 16540=16540-Already deposited=16840-2526-5052-5052=4210

Total Advance tax=2526+5052+5052+4210=16540


 

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  1. Income Tax
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides GST Training in Delhi. Register now.