Translate

Advance Tax and How to Avoid Interest on Advance Tax

Advance Tax and How to Avoid Interest on Advance Tax

-Dr. Lalit Kumar Setia*

Advance Tax:
The income tax act contains provisions of paying taxes along with the earning revenues. Every year the companies not only pay advance tax but also advertise in newspapers their amounts being paid as advance taxes in order to show their commitment to earn the revenues. 
The advance tax means the amount of income tax which is paid in advance and settled from the tax payable amount at the end of the year. The advance tax is required to be paid as per the due dates provided by the income tax department. 
The advance tax is applied to all individuals except senior citizens who donot run any business. If the tax liability of an individual become Rs. 10000 (Ten Thousands) or more, in a financial year; it becomes mandatory to pay advance tax. 
In case of businesses, only the presumptive businesses with business income less than Rs. 2 Crores are exempt from advance tax. The due dates for the payment of advance tax are respectively 15th June, 15th September, 15th December, and 15th March for payment of 15%, 45%, 75% and 100% of advance tax. 
In case, the income tax and advance tax is not paid on time; interest is imposed by Income Tax Department u/s 234 (A), 234 (B), and 234 (C). 

No comments:

Post a Comment

I will be happy to hear from you. Please give your comments...

Auto_1

Horizontal Responsive1

Popular Posts

LoP_1

Special Offer!

Funny Baba

Free Seminars

Featured post

Vision of PM Narendra Modi

The vision of PM Narendra Modi  -Rashmi Honorable Prime Minister Narendra Modi shared his vision using his monthly radio addresses through ...

Free Notes

Tips to Grow

Earn Money

Popular Posts

Free Download

Tax Saving

Fun in Life

Labels

Managerial Administration Training Course Accounting Financial Management Government Learning Purpose Income Tax Accountant's Duties Accounts Administration Administration Balance Sheet Cash Book Double Entry System Final Accounts Finance Ledgers Skills Trial Balance Efficiency Financial Financial Administration Procurement Advance Tax Compliance of Financial Rules Corruption Deduction Drawing and Disbursing Officers Excel Executive Financial Control Financial Rules Financial Skills Fraud Haryana Haryana Institute of Public Administration Interest on advance tax MS-Excel Management NPS National Pension System PWD Procedures Public Works Department Purchase Tender Terminology e-Procurement 80 CCD (1) 80 CCD (1B) 80 CCD (2) 80EE Accounts Administrator Accrual Accounting Audit Bank Budgeting Business Cash Management Central Vigilance Commission Computer Aided Accounting Operations Contractor Control Control Mechanisms Drawing and Disbursing Officer Duties of DDOs Economic Crimes Entrepreneurship Ethics Evaluation Event FFM Faculty of Financial Management Financial Analysis Financial Procedures Formula Functions of Officer GASAB Government e-Marketplace. HIPA Haryana Roadways Home Loan How How to Evaluate Human Income Tax Return India Information Information Management Infrastructure Leasing and Financial Services Integrated Financial Management Information System Interest Inventory Management Job Lalit Kumar Setia Liquidity Managing Finances Mistakes Module Money Management Morality Office Procedures Officer Officers Online Participation Participatory Financial Administration Pension Precautions Prevention of Mal-practices Public Financial Management Systems Punjab Financial Rules RTI Receipt Expenditure Reconciliation Record Management Regularizing Services Responsibility Retirement Benefits Retirement Planning SUM Function Section 234 (C) Section 24 Software Staff Story System Systematic Solutions TDS Tax Planning Tax Saving Tendering Tier I Tier II Training Needs Analysis Training Programme Training for Accounts Administrators Treasury Values Workshop Wrong deferred payment of advance tax due dates for payment of advance tax e-Billing e-Finance Applications example of computing interest on advance tax

Happy Moments

Learn and Update

Popular Posts

Auto_1

Horizontal Responsive1