Skip to main content

Advance tax | How to make Advance Tax Payment? | Certicom

How to Calculate & Pay Advance Tax?

Advance tax means a tax on income should be paid in advance instead of a lump-sum payment at the end of the year. It is also known as pay as you earn a tax. These payments should be made in instalments according to the deadlines given by the income tax department.

Who should pay Advance Tax?


Sales, freelancers and businesses.- If your tax liability is R 10,000 or more, you must pay a tax beforehand in the financial year. With an advanced tax applied to advanced taxes, wages, freelancers and companies. Older people, over 60 years of age or older, do not have to pay taxes beforehand.
Suspected businesses – When taxpayers choose a predefined scheme, business income is ₹ 2% less than 2% of turnover, except for FY2017-18 tax exemption.
The alleged income of companies for FY 2016-17 – The taxpayers who opt for the budget project must pay the full amount of their initial taxes on or before March 15. If they have to pay their fiscal payments on March 31, it’s okay. Start FY 2016-17. Companies with a turnover of Rs 2 crores or less can choose this scheme.
Presumptive income for Professionals for FY 2016-17–this scheme includes doctors, lawyers, architects, etc. They are aimed at professionals like it. If they receive 50 lakhs or less (article 44AD). The taxpayers must pay a three-monthly fee.
Due Dates for payment of Advance Tax
FY 2017-18 & FY 2016-17 For both individual and corporate taxpayers

Due DateAdvance Tax Payable
On or before 15tpayable on15% of advance tax
On or before 15th September45% of advance tax
On or before 15th December75% of advance tax
On or before 15th March100% of advance tax
For taxpayers who have opted for the Tax Provision Scheme – Business Income
Due DateAdvance Tax Payable
by 31st March100% of advance tax
Taxpayers choose to set a tax on the taxable property, taxation or leasing business
Due DateAdvance Tax Payable
On or before 15tpayable on15% of advance tax
On or before 15th September45% of advance tax
On or before 15th December75% of advance tax
On or before 15th March100% of advance tax
  For FY 2014-15 and FY 2015-16  
Due DateFor corporate taxpayersFor individual taxpayers
On or before 15th June15% of advance tax–
On or before 15th September45% of advance tax30% of advance tax
On or before 15th December75% of advance tax60% of advance tax
On or before 15th March100% of advance tax100% of advance tax
http://certicom.in/advance-tax-payment-in-bangalore/

Comments

Post a Comment

Popular posts from this blog

Due Date For Filing ITR | Audit Reports Extended By 15 Days | Certicom

Due Date For Filing Income Tax Return, Audit Reports Extended By 15 Days The taxman last month announced the extension of the maturity date of September 30 by a similar 15 days.  The Government on Monday extended the due date for submission of income tax returns (ITR) and audit reports. The Direct Tax Center Board, the top policy-making body of the Income Tax Department, said the due date for filing  income tax returns  and the audit report for Assessments 2018-19 (2017-18 financial year) is October 31, 2018 for certain. taxpayer category. Monday’s step marks the second extension given by the  Direct Tax  Center Council to assessors whose bookkeeping must be audited. The move comes after the tax officer considers representation from stakeholders, he said in a statement. The taxman last month announced the extension of the maturity date on September 30 by the same 15 days, until  October 15, 2018 . Submission of income tax returns by paid taxpayers...
1 comment
Read more

Benefits of Filing ITR on Time - Avoid Penalties & Other Benefits | Certicom

Benefits of Filing Income Tax Return on time – AY 2018-19 1. Easy Loan Approval Registration of  ITR  will help individuals, when they need to apply for a vehicle loan (2-wheeler or 4-wheeler), mortgages, etc. All major banks can request a copy of the tax return 2. Claim tax refund If you have a refund for your  income tax , you will need to submit a tax return to claim the refund. 3. Income and address of evidence Income tax can be used as proof of income and address. 4. Quick Visa Processing Most embassies and consulates must submit a copy of your tax return in the past two years when a visa application is submitted. 5. Forward your loss If you sign up again within the due date, you will be able to claim losses over the next few years, which can be used to receive income from subsequent years. 6. Avoid penalties If you have to return your tax return, you will not be entitled to tax, up to Rs.5,000. 7. Refer to and earn up to Rs. 3000 Re...
Post a Comment
Read more

KYC non-compliance

Govt deactivates ID numbers of 2.1 million directors The government began the process of deactivating the identification numbers of almost 2.1 million directors of companies that did not comply with KYC standards, according to a senior official. The director’s identification numbers (DIN), a unique number assigned to people who are eligible to be directors at meetings of registered companies, are being deactivated. They will be reactivated after paying a fee of 5,000 rupees along with the required form and the affected people could also face a lawsuit. The latest movement of the  Ministry of Corporate Affairs  also comes at a time when the government has intensified the crackdown on the front companies, which are suspected conduits for illicit cash flows. In June, the ministry decided to carry out the KYC process (Know Your Client) for all directors, including those who have been disqualified. The last date to comply with the new rules by sending the form ‘ DIR-3 KY...
Post a Comment
Read more