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 :-
advance tax and due dates.
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 |
|On or before the 15th September||Not less than forty-five per cent of such |
|On or before the 15th December||Not less than seventy-five per cent of such |
|On or before the 15th March||The whole amount of such |
(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.