Advance Tax
Under this scheme, every assessee is required to pay tax in a particular financial year, preceding the assessment year, on an estimated basis. However, if such estimated income is less than Rs. 10000, then no advance tax is payable.
The due dates of payment of advance tax are:-
| In case of corporate assessee | Otherwise | |
|---|---|---|
| On or before 15 June of the previous year | Up to 15% of advance tax payable | - |
| On or before 15 September of the previous year | Up to 45% of advance tax payable | Up to 30% of advance tax payable |
| On or before 15 December of the previous year | Up to 75% of advance tax payable | Up to 60% of advance tax payable |
| On or before 15 March of the previous year | Up to 100% of advance tax payable | Up to 100% of advance tax payable |
Any default in payment of advance tax attracts penalty under section 234B and any deferment of advance tax attracts penalty under section 234C.
Read more about this topic: Income Tax In India
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