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How is advance tax calculated and paid?

QuestionsCategory: Income TaxHow is advance tax calculated and paid?
TANI AGARWAL asked 2 weeks ago

How is advance tax calculated and paid?

1 Answers
RyanJain answered 2 weeks ago

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

    • and 

44ADA

    ) :
    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

    •  and 

44ADA

    :

​​
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.
The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.​