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Advance Tax

Advance Payments by Top 100 Companies Grow 13%

Payment of advance tax promotes reputation and creates goodwill for the companies. Sources state that advance tax paid by top India companies touched the 13% bench mark which is good news for the corporate world as it has enhanced the credibility of the nation and its economic efficiency. The growth of 13% was indicated in the month of September, was a solid indication that the profit growth in the second quarter can very well be .....

Advance Tax Liability Increased to 10000 from 5000

Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such taxes payable during that year are Rs.5,000/-or more. However, It is proposed in the Union Budget 2009-10 to raise the threshold limit for payment of advance tax from the present Rs.5,000/- to Rs.10,000/-. The recommended amendment will take impact from the 1st April, 2009. Hence, advance-tax for the financial .....

Last Dates for Advance Tax Payment

Advance Tax is payable by installments. Which has due dates as indicated below Advance Tax Instalments and Due Dates Due Dates Instalments Instalments Assessees For Non- Company assessees For Company Assessees 15th June Nil 15% of Advance Tax 15th Sep. 30% of Advance Tax 30% of Advance Tax 15th Dec. 30% of Advance Tax 30% of Advance Tax 15th March 40% of Advance Tax 25% of Advance Tax 31st march Tax on capital gains or .....

Who is liable to Pay Advance Tax

All persons in whose case advance tax payable during a financial year is Rs.5,000 or more are required to pay advance tax. Persons if they get order u/s 210 (3)

Advance Tax

Tax-payers are required to pay advance tax on their income which they expect to earn during the current year.For example, for financial year 2008-09 (relevant to assessment year 2009-10) Advance tax is payble in instalment during 2008-09 itself. The advance tax so paid is adjusted against the total tax assessed for that assessment year. For example, if your total tax is Rs.10000 for assessment year 2009-10 and you have already paid Rs.5000 as advance tax .....