Tags :advance tax challan , itns 280, interest 234a, interest 234B , interest 234C , advancer tax interest calculator , interest on late deposit of advance tax , advance tax due dates , advance tax cut off amount , advance tax cut off after tds or not . capital gain exemption of advance tax . advance tax on capital gain applicable prospectively .
Advance tax for person other than companies is payable if tax due in a financial year is more than 10000 before the TDS amount .Such person have to pay advance tax in three installments.
30% of tax assessed =15 September of previous year(for Ay 2012-13date is 15.09.2011)
60% of tax assessed=15 December of previous year ( For Ay 2012-13 Date is 15.12.2011
100% of tax assessed = 15 March of previous year (For Ay 2012-13 date is 15.03.2012)
Here tax Assessed means = Tax due minus Tax deducted at sources.Please note that to check 10000 cut off limit you have to consider full amount of tax due but for interest calculation amount is to be taken is total tax due minus tax deducted/ collected at source(TDS/TCS).
The contents of this page are solely for informational purpose. It does not constitute professional advice or recommendation of Simple Tax India/Author. Neither the authors nor simple tax India and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this document nor for any actions taken in reliance thereon.
Readers are advised to consult the professional for understanding applicability of this newsletter in the respective scenarios. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. No part of this document should be distributed or copied (except for personal, non-commercial use) without our written permission.