Advance Tax due date for quarter 3 extended to 31.12.2019

Advance Tax due date for quarter 3 extended to 31.12.2019 As per recent tweet by CBDT, In view of the recent disturbances in the North Eastern region of India, CBDT has decided to extend the date for payment of 3rd installment of Advance Tax for FY 2019-20 from 15th December,2019 to 31st December, 2019 for the North Eastern Region. Notification will follow. Link of Tweet is given below: https://twitter.com/IncomeTaxIndia/status/1206248951319420928s=20 Advance tax is liable to be paid in every case where the advance tax payable is Rs. 10,000 or more. A Resident Senior citizen not having any income from business/profession, is not liable to pay advance tax with effect from A.Y 2013-14 onwards. For computing the advance tax liability of the prevailing tax rates or the rates in force of the previous year for which the advance tax is to be computed are to be used. Income Liable for Advance Tax: Under the scheme of advance tax payment of tax, every income (including capital gains, winnings from lotteries, crossword puzzles, etc.) is liable for payment of advance tax.

ADVANCE TAX PAYMENTS
Due date	Advance tax payable
15th June	15% of Advance tax
15th September	45% of Advance tax
15th December *	75% of Advance tax
15th March	100% of Advance tax

*Advance Tax due date for quarter 3 extended to 31.12.2019 : CBDT has decided to extend the date for payment of 3rd installment of Advance Tax for FY 2019-20 from 15th December,2019 to 31st December, 2019 for the North Eastern Region. Fact :  If the last day for payment of any instalment of advance tax is a day on which the receiving bank is closed, the assessee can make the payment on the next immediately following working day, and in such cases, the mandatory interest leviable under sections 234B and 234C would not be charged. Click Here to Buy CA INTER/IPCC Pendrive Classes at Discounted Rate For Regular Updates Join : https://t.me/Studycafe Tags : Income Tax, Advance Tax, CBDT, News