ALL YOU NEED TO KNOW ABOUT
1.- Section 208
:- An assessee is liable to pay
Advance Tax only if his ‘’Advance Tax’’ Liability is Rs.10,000 or more during
the previous year.
:- An individual whose age is
60 years or more at anytime during the previous year is not required to pay
Advance Tax if his Total Income does not carry income under the head P/G/B/P.
:- While computing Advance Tax
Liability, TDS/TCS amount shall not be reduced if the person liable to deduct
TDS has failed to deduct or if the person liable to collect TCS has failed to
collect it.
2.- Due Date of Payment of Advance
Tax
Due
Date %of Advance Tax % of Advance Tax
Required to be deposit Required to be deposit
(CORPORATE ASSESSEE) (OTHER
THAN CORPORATE ASSESSEE)
15th June 15% 0%
15th Sept. 45% 30%
15th Dec. 75% 60%
15th Mar. 100% 100%
3.- Section 210
:- An Assessing officer may
require assessee to pay Advance Tax by serving notice u/s 210 at an amount and
in such manner as may be specified in the notice.
:- No Appeal is possible
against order u/s 210
:- No order u/s 210 can be
issued after 28th Feb of previous year.
:- No order u/s 210 can be
issued where no assessment has been made in respect of any Assessment year.
:- Amount of Advance Tax
required to be deposit shall be computed by Assessing officer on the following
manner :
:- Last Assessment made
:-
Return filed by Assessee
Whichever is higher.
:- An assessee may voluntarily
pay Advance Tax at an amount higher than the amount specified in order u/s 210
4.- Computation of Advance
Tax Liability
Income
under head Salary xxx
Income
under head House Property xxx
Income
under head Capital Gain xxx
Income
under head Other Sources xxx
 |
Gross
Total Income xxx
(-)Deductions
under chapter VI-A xxx
 |
Tax on Total Income xxx
(-)
TCS / TCS xx
(-)
MAT credit xx
(-)
Section 89(1) relief xx
 |
TOTAL ADVANCE TAX LIABILITY xxx