Tag Archives: Advance tax

Salary Income -No Interest for defaults in payment of Advance Tax : Supreme Court

Held The provisions relating to payment of advance tax is contained in Part ‘C’ and interest thereon in Part ‘F’ of Chapter VII of the Act. In cases where receipt is by way of salary, deductions under Section 192 of the Act [i.e TDS ] is required to be made. No question of payment of… Read More »

How to compute and pay advance tax ?

 Advance tax Income liable for advance tax Advance tax is payable under section 211 of Income tax Act.All income (including capital gains, winnings from lotteries, crossword puzzles, etc.). are taken into account to compute Advance Tax Liability. Who is not required to Pay Advance Tax ? Resident individuals who are over 60 years of age… Read More »

Top advance taxpayer charts for Q1 for FY 2016-17

Top advance taxpayer  charts for Q1 for FY 2016-17 The advance tax payments by a sample of the top companies, excluding banks and finance companies based in Mumbai, have seen good growth for the first instalment on Wednesday. However, overall advance tax payment for the quarter remained flat, due to dip in public sector banks’… Read More »

Pay Advance Tax Timely

Pay Advance Tax on your Income When you have to Pay Advance Tax ? In case your tax liability after reducing the amount of TDS exceeds Rs. 10,000/- in a year, you are liable to pay advance tax. What are Advance Tax Due Dates ? As per Changes made by Finance Act 2016 :- Now Whether… Read More »

New Advance tax payment schedule for FY 2016-17

Finance Bill 2016 Rationalisation of advance tax payment schedule under section 211 and charging of interest under section 234C As per the existing provisions of sub-section (1) of section 211, the advance tax payment schedule for a company is fifteen  per cent, forty-five per cent, seventy-five per cent and hundred per cent of tax payable… Read More »