Income Tax :- New Due dates for Advance Tax w.e.f. 01.06.2016

Friends   It is important to draw attention to those who had not pay Advance Income Tax  in June of every year due to their status of  Non-Corporate.  Now w.e.f. 01.06.2016 , all income tax assessees  either Corporate or Non-Corporate who are liable to pay Advance Income Tax have to deposit Advance Income Tax on or before 15th June @ 15% of advance tax.  Words as per Section -211 of  Income Tax Act -1961-2016 are given below for your perusal :-


Instalments of advance tax and due dates.
211. 8[(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:
TABLE
Due date of instalmentAmount payable
On or before the 15th JuneNot less than fifteen per cent of such advance tax.
On or before the 15th SeptemberNot 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 DecemberNot 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 MarchThe whole amount of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments;
(b) an eligible assessee in respect of an eligible business referred to in section 44AD, 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.

Popular posts from this blog

e-TDS : - TDS on Rent under code 4IA or 4IB

How to convert .rpt files to .xls

Jain:- e-booking of Room for Digambar Jain Atishay Kshetra, Karauli , Rajasthan