ISO Certified Premium Startup Consultancy Company
ISO Certified Premium Startup Consultancy Company
WHAT IS ADVANCE TAX ELIGIBILITY AND APPLICABILITY
Advance tax defines as income tax should be paid in advance instead of a lump-sum payment at the end of the year. It is also called as pay as you earn tax. The payments have to be made in installments as per the due dates provided by the IT department.
Salaried, businesses, and freelancers – If your total liability of tax is Rs 10,000 or more in a financial year you have to pay advance tax. Advance tax is applicable on all assessments whether having income from salary, business, and freelancing. Senior citizens, who attain the age of 60 years or older, and do not run a business or have any source for business are exempt from this provision.
Tax for Presumptive Businesses–The taxpayers who have selected for presumptive taxation scheme under sec 44AD of Income Tax Act, have to pay the whole amount of their advance tax in one installment i.e. on or before 15 March. They also have another option to pay all of their tax dues by March 31st.
Presumptive Scheme for Professionals– Independent professionals such as doctors, lawyers, chartered accountants, etc. come under the presumptive scheme under section 44ADA. They have to pay the whole of their advance tax liability in a single installment that is on or before 15 March. They can also pay the total tax liability by 31 March.
Due Dates of Advance Tax payment
For individual and corporate taxpayers
|
Due Dates |
Advance Tax payable |
|
On or before 15th June |
15% of Advance Tax |
|
On or before 15th Sept |
45% of Advance Tax (calculate after deducting the amount already paid against the advance tax) |
|
On or before 15th Dec |
75% of Advance Tax (calculate after deducting the amount already paid against the advance tax) |
|
On or before 15th March |
100% of Advance Tax (calculate after deducting the amount already paid against the advance tax) |
For taxpayers who are under section 44AD & 44ADA – Business Income
|
Due Dates |
Advance Tax payable |
|
On or before 31stth June |
100% of Advance Tax |
The Neusource Startup Mind is the finest business startup consultant that offers various services of registration like Proprietorship Firm Registration, Partnership Firm Registration, LLP Registration, Company Registration, GST Registration, Copyright Registration, ISO Registration Trademark registration, and other FSSAI License, etc.
For more information contact us on given communication details, Email id Swati@neusourcestartup.com and Phone Number 9540026175
26 Apr
"Ideas are easy but Implementation is Hard”. Neusource is the platform for making a right choice in every aspect of business that helps to grow your business and give assistance in each vital advance which causes your beginning up to create in each most ideal manner
