Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:
- a) In case of all the assessees (other than the eligible assessees as referred to in section 44AD) :
- i) Up to 15 per cent – On or before 15th June
- ii) Up to 45 per cent – On or before 15th September
- iii) Up to 75 per cent – On or before 15th December
- iv) Up to 100 per cent –On or before 15th March
- b) In case of eligible assessee as referred to in Section 44AD:
Up to 100 per cent – On or before 15th March
Note: Any advance tax paid on or before 31st day of March shall also be treated as paid during the same financial year.
[Substituted by the Finance Act, 2016 w.e.f. 1-6-2016]
The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.
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