UrbanPro
true

Take ACCA Exam Coaching from the Best Tutors

  • Affordable fees
  • 1-1 or Group class
  • Flexible Timings
  • Verified Tutors

Search in

Advance Tax Liability For The A.Y. 2018-19

C
CA Prashanth Reddy
01/07/2017 0 0

Advance Tax Liability for the A.Y. 2018-19:

The Finance Act 2017 (Act No. 07 of 2017) has not bring any change in Advance Tax provisions. Therefore the Advance Tax provisions related to A.Y. 2017-18 will continue applicable on A. Y. 2018-19. Following are key points related to Advance Tax Liability for the A. Y. 2018-19:

(a)  Section 211(1) was amended by Finance Act 2016 to provide that advance tax will be paid in four installments of 15%, 45%, 75% and 100% of tax payable on the current income by 15th June, 15thSeptember, 15th December and 15th March, respectively in case of all assesses.

Earlier upto A.Y. 2016-17 the assessee other than corporate assessee paid Advance Tax in three Installment. Now all assessee except assessee covered u/s 44AD is treated at par for Advance Tax provisions.

(b)  Assessees covered u/s 44AD are to pay advance tax of the whole amount in one instalment on or before the 15th March of the financial year consequent upon raising of the turnover limit from Rs.1 crore to Rs. 2 crore.

Based on above amendments the advance tax related provision under income tax law is as under:

Advance tax (Section 208, 209 & 211)

Advance tax is payable on all income during the financial year in every case where the amount of such tax payable by an assessee during that year is Rs. 10,000 or more. Following is chart showing Advance Tax Liability for the A.Y. 2018-19:

File Your Income Tax Return for AY 2017-18:

Advance Tax Liability for All Assessee (other than covered under section 44AD of the I.T. Act 1961)

Due Date

Installment Payable

 On or before 15th Jun, 2017

 Not less than 15% of advance tax.

 On or before 15th  Sep, 2017

 Not less than 45% of advance tax as reduced by the amount paid in the earlier installment.

 On or before 15Th Dec, 2017

 Not less than 75% of advance tax as reduced by the amount paid in the earlier installments.

 On or before 15Th Mar, 2018

 The whole amount (100%) of advance tax as reduced by the amount paid in the earlier installments.

Advance Tax Liability for Assessee covered under section 44AD of the I.T. Act 1961

Due Date

Installment Payable

On or before 15th Jun, 2017

On or before 15th  Sep, 2017

On or before 15Th Dec, 2017

On or before 15Th Mar, 2018

 The whole amount (100%) of advance tax as reduced by the amount paid in the earlier installments.

 

0 Dislike
Follow 6

Please Enter a comment

Submit

Other Lessons for You

Looking for ACCA Exam Coaching classes?

Learn from Best Tutors on UrbanPro.

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you
Sponsored
X

Looking for ACCA Exam Coaching Classes?

The best tutors for ACCA Exam Coaching Classes are on UrbanPro

  • Select the best Tutor
  • Book & Attend a Free Demo
  • Pay and start Learning

Take ACCA Exam Coaching with the Best Tutors

The best Tutors for ACCA Exam Coaching Classes are on UrbanPro

Book a Free Demo

This website uses cookies

We use cookies to improve user experience. Choose what cookies you allow us to use. You can read more about our Cookie Policy in our Privacy Policy

UrbanPro.com is India's largest network of most trusted tutors and institutes. Over 55 lakh students rely on UrbanPro.com, to fulfill their learning requirements across 1,000+ categories. Using UrbanPro.com, parents, and students can compare multiple Tutors and Institutes and choose the one that best suits their requirements. More than 7.5 lakh verified Tutors and Institutes are helping millions of students every day and growing their tutoring business on UrbanPro.com. Whether you are looking for a tutor to learn mathematics, a German language trainer to brush up your German language skills or an institute to upgrade your IT skills, we have got the best selection of Tutors and Training Institutes for you. Read more