Advance Tax

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Is A Resident Senior Citizen Exempt From Payment Of Advance Tax?

​​​​​​​​As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. However, section 207 gives relief from payment of advance tax to a resident senior citizen. As per section 207​ a resident senior citizen (i.e., an …

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Who is Not Required To Pay Advance Tax?

​​​​​Following are not required to pay Advance Tax: (1.) A resident senior citizen (i.e., an individual of the age of 60 years or above during the financial year) not having any income from business or profession is not liable to pay advance tax. (2.) Taxpayer who opted for presumptive taxation scheme of section 44AD or …

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Advance Tax Collection Increased By 41 Percent, Direct Tax Collection Also Increased By 48 Percent

Advance Tax Collection Increased By 41 Percent, Direct Tax Collection Also Increased By 48 Percent

Advance tax collection has increased by 41 percent in the current financial year in the country. With this, the tax collection from personal and corporate income has increased by more than 48 percent in the current financial year. This explains the continuous economic recovery in the economy affected by the corona virus epidemic. According to …

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Advance Tax; How to calculate & Steps for payment

Today is the last Date for Advance Tax; How to calculate & Steps for payment

Advance Tax Due Dates 1. Advance Tax Due Dates for Individuals and Corporate Taxpayers Due Date of Instalment Amount of Advance Tax Payable On or before 15th June 15% of Advance Tax On or before 15th September 45% of Advance Tax minus the previous instalment On or before 15th December 75% of Advance Tax minus …

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Tax Concept – Did you know basics of Advance Tax?

Today we will discuss on basics of Advance tax concept under direct tax. Advance tax means income tax should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in instalments as per due dates provided by the …

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Today is last date to pay your fourth and final installment of Advance Tax

Attention Taxpayers! Today is last date to pay your fourth and final installment of Advance Tax. Pay now to save interest! -ITDEPT Your AdvanceTax plays a pivotal role in shaping the development story of the nation. Let us, together, accelerate the nation building process..Do remember to pay the fourth instalment of your AdvanceTax on or …

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