advance payment of tax-ppt.pptx
- 3. When the liability to pay the advance tax arise Condition Resident Individual age of 60 Year or more Income not chargeable under the head of PGBP No need to pay the Advance tax Resident Individual age of 60 Year or more Other Other is 10,000 or more
- 4. Amount of advance tax-Section 209Particular Amount Tax on theTotal Income xxxxxx Add: Surcharge if applicable and EC+ SHEC@ 3% xxxxxx Less: Releif u/s 89,90, 90A &91 xxxxxx Less: MAT or AMTCredit xxxxxx Less: TDS and TCS xxxxxx Amount of AdvanceTax xxxxxx
- 5. Section 201 Payment of Advance Tax On his own accord Order or Amended order of A.O.
- 6. Payment of Advance Tax: On his own accord Mandatory liability if liable to pay Pay on or before each of the due date at appropriate percentage specified in section 211 Calculate in the manner specified section 209
- 7. Installments of advance tax-Section 211 Company Assessee 15% 15June 45%-Amount already paid 15September 75% - Amount already paid 15December Whole amount 15March Amount paid by way of Advance tax on or before 31stMarch shall be treated as Advance Tax.
- 8. Installments of advance tax-section 211 Non company Assessee 30% 15September 60% - Amount already paid 15December Whole amount 15March Amount paid by way if advance tax on or before 31stMarch shall be treated as advance tax.
- 9. Condition of Order or amended order of assessing officer Assessee has already been assessed by way of a regular assessment. A.O. is of the opinion, person is liable to pay the Advance tax. Order must be in writing. Notice of demand must specify the amount of advance tax and installment(s) in which amount to be paid. Order can be passed upto last date of February.
- 10. Computation of advance tax by the A.O. Advance tax on the income higher of followings Total Income returned bythe assessee for any P.Y . subsequent to the P.Y .for which regularassessment has been made Total income of the latest P.Y .in respect of which assessee has been assessed by way of regularassessment
- 11. Interestfor deferment of advance tax- section 234C Circumstances in which the interestis payable u/s234C Amount on which interest is to be paid Advance tax paid on or before 15th September is less than 30% of tax due on returned income Rate of Period Interest 1%P.M. 3 Months 30% of tax due on returned income – advance tax paidupto 15th September Advance tax paid on or before 15th December is less than 60% of tax due on returned income 1%P.M. 3 Months 60% of tax due on returned income – advance tax paidupto 15th December Advance tax paid on or before 15th March is less than 100% of tax due on returned income 1%P.M. 1Months 100% of tax due on returned income – advance tax paidupto 15th March
- 12. Proviso to section 234C • Capital gain, income from lotteries, crossword puzzles etc. • Such income arises after due date for any installment • Entire amount of advance tax on such income shall be paid in remaining installments. Casual Income When the advance tax to be paid
- 13. Section 234B Interest for non payment Condition Advance tax paid < 90% of assessed tax Rate of Interest 1%P.M. or Part of the Month Amount Assessed tax-Advance tax paid Period 1st April following the F.Y upto the date of payment of tax