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Advance Tax due dates
(New Amendment from 1-6-2016)
| DUE DATE |
TAX TO BE DEPOSITED Normal cases |
44AD/44ADA Business |
| 15-Jun | 15% | 0% |
| 15-Sep | 45% | 0% |
| 15-Dec | 75% | 0% |
| 15-Mar | 100% | 100% |
This % to be calculated of annual tax
Tax already paid to be deducted
Example 1
Suppose a person expects to earn profit of 480000
What is advance tax payable on different dates?
View AnswerTax on 480000=23000
Rebate=5000
Net tax-18000
Cess=540
Tax+Cess=18540
Advance tax to be deposited by 15 June=15% of 18540=2781
Advance tax to be deposited by 15 Sep=45% of 18540=7128-Already deposited=8343-2781=5562
Advance tax to be deposited by 15 Dec=75% of 18540=13905-Already deposited=13905-2781-5562=5562
Advance tax to be deposited by 15 March=100% of 18540=18540-Already deposited=18540-2781-5562-5562=4635
Total Advance tax=2781+5562+5562+4635=18540
Example 2
Suppose in last question,TDS is also deducted of person of Rs 2000
-a-
Income=480000
Tax on 480000=23000
Rebate=5000
Net tax-18000
Cess=540
Tax+Cess=18540
Less TDS=2000
Bal Tax=16840
Advance tax to be deposited by 15 June=15% of 16840=2526
Advance tax to be deposited by 15 Sep=45% of 16840=7578-Already deposited=7578-2526=5052
Advance tax to be deposited by 15 Dec=75% of 16840=12630-Already deposited=12630-5052-2526=5052
Advance tax to be deposited by 15 March=100% of 16540=16540-Already deposited=16840-2526-5052-5052=4210
Total Advance tax=2526+5052+5052+4210=16540
%
