Advance Tax Due Dates under Income Tax act 1961
section 211 of the Income tax Act,
Installments of advance tax and due dates [Note-1]
(1) Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by—
a) all the assessees, other than the assessee referred to in clause (b), who are liable to pay the same, in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in the Table below
Due date of instalment Amount payable
On or before the 15th June Not less than fifteen per cent of such advance tax.
On or before the 15th September Not less than forty-five per cent of such advance tax, as reduced by the amount, if any, paid in the earlier instalment.
On or before the 15th December Not less than seventy-five per cent of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments
On or before the 15th March The whole amount of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments;
b) 2[an assessee who declares profits and gains in accordance with the provisions of sub-section (1) of section 44AD or sub-section (1) of section 44ADA, as the case may be], to the extent of the whole amount of such advance tax during each financial year on or before the 15th March
Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act.”.
(2) If the notice of demand issued under section 156 in pursuance of an order of the Assessing Officer under sub-section (3) or sub-section (4) of section 210 is served after any of the due dates specified in sub-section (1), the appropriate part or, as the case may be, the whole of the amount of the advance tax specified in such notice shall be payable on or before each of such of those dates as fall after the date of service of the notice of demand.
1 Substituted by the Finance Act, 2016, w.e.f. 1-6-2016 .relating to Advance Tax Due Dates
2. Substituted for “an eligible assessee in respect of an eligible business referred to in section 44AD” by the Finance Act, 2017, w.e.f. 1-4-2017.
Analysis of Changes relating to Advance Tax Due Dates
- Now Whether Corporate or non Corporate Assessee (Except Assessee to whom section 44AD applies ) are required to pay tax in 4 Installments . on or before 15th June ,15th September,15th December ,15th March
- Assessee to whom Section 44AD(1) applies are also required to pay Advance Tax on or before 15th March . Thus Professionals allowed to pay advance tax in single installment w.e.f AY 2017-18 u/s 44ADA . In case of Default , interest for default and deferment of advance tax under Section 234B and Section 234C respectively, shall also be levied.
- New Advance tax payment schedule for FY 2016-17
- New Advance tax Provisions of Income tax as per Finance Bill 2016
- 29 Banks authorised to accept Advance Income Tax
- Taxability of Advance fees received by lawyer
- Alimony received from Husband on Divorce Not taxable
- Tax on Advance received on transfer of development right
- New Provision of Interest on Income tax Refund as per Finance Bill 2016