0Advance 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. |
