Deepak Gupta | Apr 18, 2017 |
Advance Tax Due Date: Advance Tax Liability for FY 2019-20 | AY 2020-21
Question : What is advance tax
Answer : As the name suggests, advance tax means paying a part of your taxes in advance before the end of the financial year. Also called “pay-as-you-earn” tax. If your tax liability is more than Rs. 10,000 in a financial year then you have to pay tax in advance and these tax payments have to be made in installments as per due dates provided by the income tax department. It should be paid in the year in which the income is received.
Question : Is there any change in provisions Advance Tax in the Finance Act 2019
Answer : There is no change in provisions of Advance Tax in the Finance Act 2019. Therefore the Advance Tax provisions related to A.Y. 2019-20 will continue applicable on A. Y. 2020-21
Following are key points related to Advance Tax Liability for the A. Y. 2019-2021:
Question : What are the due dates and amount of advance tax payment paid in India
Answer : Following is chart showing Advance Tax due dates and Liability for the F.Y 2019-20 | A.Y. 2020-21:
Below advance tax liability is For both individual and corporate taxpayers.
Due Date | Advance Tax Payable ( For Assesse other than covered u/s 44AD) |
On or before 15th June | 15% of advance tax |
On or before 15th September | 45% of advance tax |
On or before 15th December | 75% of advance tax |
On or before 15th March | 100% of advance tax |
For taxpayers who have opted for Presumptive Taxation Scheme Business Income ( Assesse covered u/s 44AD(1) & 44ADA(1) )
Due Date | Advance Tax Payable |
---|---|
Before 31st March 2019 | 100% of advance tax |
Question : What are the Statutory Provisions for payment of Advance Tax in India
Answer : Following are the sections of the Income Tax Act, 1961 which deal with the provisions of advance tax:
Question : When Advance tax is payable Who are liable to pay advance tax
Answer : As per the provisions of section 208, Advance tax is payable only when the amount of such tax payable is Rs. 10,000 or more calculated considering all income earned during the financial year. However, in following cases advance tax need not be deposited:
Advance Tax Liability for the A.Y. 2020-21 | Advance Tax Liability for the F.Y. 2019-20, Advance Tax Liability for the F.Y 2019-20 | A.Y. 2020-21
Question: Advance tax liability and due date for F.Y 2019-20| A.Y 2020-21
Answer:
Due Date | For corporate taxpayers | For individual taxpayers |
---|---|---|
On or before 15th June | 15% of advance tax | – |
On or before 15th September | 45% of advance tax | 30% of advance tax |
On or before 15th December | 75% of advance tax | 60% of advance tax |
On or before 15th March | 100% of advance tax | 100% of advance tax |
Note:
Question: What is the mode of payment of Advance Tax
Answer: Advance Tax can be deposited through cash, cheque and electronic mode (Debit Card/Credit Card). The challan specified for advance tax is Challan No./ITNS 280. All designated branches of banks which are empanelled with the Income Tax Department accept advance tax payment. Assessee can pay Advance Tax Online through Challan No./ITNS 280 from TIN-NSDL website or can fill up this form of Challan No./ITNS 280.
Question: How can one verify the status of his advance tax deposited and other tax credited to his account
Answer: The assessee can verify status of his Advance Tax deposited through following links:
Question: What is meant by self-assessment tax
Answer: Self Assessment tax means any balance tax (residual tax) paid by the assessee on the assessed income after taking into account all the installments of advance tax paid & TDS before filing the Return of income.
Question: How to Compute Advance Tax Liability
Answer: The Computation of Tax Liability for the determine Advance Tax is given in below table:
Particulars | Amount |
Income from salary | XXX |
Income from house property | XXX |
Profits and gains of business or profession | XXX |
Capital gains | XXX |
Income from other sources | XXX |
Gross Total Income | XXX |
Less : Deductions under Chapter VI-A | (XXX) |
Total Taxable Income | XXX |
Tax on total income at applicable rates | XXX |
Less : Rebate under section 87A | (XXX) |
Tax Liability After Rebate | XXX |
Add: Surcharge | XXX |
Tax Liability After Surcharge | XXX |
Add: Education cess @ 3% | XXX |
Tax liability for the year | XXX |
Less: TDS | (XXX) |
Tax payable | XXX |
Advance Tax | (Above Tax) x (specified percentage u/s 211) |
Question: What are the penal provisions attracted, if advance tax is not paid/ paid less or is not paid within prescribed time
Answer: If the Income Tax is not payable as per the provisions , Interest is liable to be paid for late payment of tax as follows:
1. Interest u/s 234C Interest @ 1% p.m. for a period of 3 months, will be payable for every deferment, except for the last installment of 15th March where it will be 1% for one month is payable if the tax is not paid as per the due dates i.e. for Deferment in Installments of Advance Tax
2. Interest u/s 234B Interest @ 1%p.m. from 1st day of assessment year upto date of deposit tax & interest is payable if 90% of the assessed tax is not paid or is short paid before the end of the financial year i.e. for Default in Payment of Advance Tax.
Question: Can Income tax department issue notice to assessee for payment of Advance Tax
Answer: Yes. Assessing Officer may pass an order u/s 210(3) of the Income Tax Act 1961 or amended order u/s 210(4) and issue a notice of demand u/s 156 requiring assessee to pay advance tax.
You May Also Like:
Tags: Advance Tax Due Date: Advance Tax Liability for the F.Y 2018-19 | A.Y. 2019-20, Advance Tax Liability for the A.Y. 2019-20 | Advance Tax Liability for the F.Y. 2018-19, Advance Tax Liability for the F.Y 2018-19 | A.Y. 2019-20, Computation of Advance tax, Advance tax, Advance tax due date, Advance tax provisions, Advance tax limit, Liability of Advance tax, What is Advance Tax: Advance Tax Liability for the F.Y 2018-19 | A.Y. 2019-20, Advance tax due dates ay 2018-19, Advance tax due dates ay 2017-18, How to calculate Advance Tax, Advance Tax Payment, Advance Tax Calculator for AY 2018-19, Advance tax calculation for AY 2018-19, Advance Tax Calculator for FY 2018-19, Advance tax calculation for FY 2018-19, Advance tax payment challan, Advance tax section, Advance Tax Due Date: Advance Tax Liability for F.Y 2018-19 | A.Y. 2019-20, Advance Tax Due Date: Advance Tax Liability for FY 2018-19 | AY 2019-20
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"