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Due dates for payment of advance tax installments: Advance tax calculator: Any payment made after 15 March but on or before 31 March shall also be as advance tax paid during the financial year. If the last day for payment of any instalments of advance tax is a day on which the bank is closed, the assessee can make the payment on the next immediately following working day, and in such cases, the mandatory interest leviable would not be charged. Advance Tax Of The Covid Financial Year – First Installment Of Dilemma!! 1) The next date of compliance, of some significance, under the Income Tax Act, 1961 (‘the Act’), falls on 15thJune, 2) Due to the pandemic and consequential lockdown, most of the businesses have not remained operational in The first installment of advance tax for the Financial Year 2020-21 (i.e.

2020-06-15 · First Installment of Advance Tax is 15 th June or 30 th June? New financial year 2020-21 has started with a lock down across the country & the present situation is full of uncertainty & contingency. Amidst all this, there is a liability to ensure tax compliance by way of payment of advance tax.

211. 8 [(1) Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by—. ( a) all the assessees, other than the assessee referred to in clause ( b ), who are liable to pay the same, in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in the Table below: The first installment of advance tax for the Financial Year 2020-21 (i.e. April 1, 2020 to March 31, 2021) is due on June 15, 2020. In this article, we shall discuss the provisions in relation to advance tax that an individual taxpayer needs to keep in mind. The first installment of advance tax is due by June 15, 2020, and if it is paid by June 30, 2020, the interest on delayed payment of such taxes will be levied at 0.75 per cent a month, instead of 1 per cent a month. To summarise, if the first installment of appropriate advance tax is paid by-June 15, 2020, there will be no interest levied The first instalment of advance tax is due by June 15, 2020; If advance tax 1st installment paid by June 30, 2020, the interest on delayed payment will be levied at 0 Advance Tax Of The Covid Financial Year – First Installment Of Dilemma!!

Advance Tax Payment, as the name suggests, is the payment of taxes in advance. Any individual or business who has an estimated tax liability of INR 10,000 or more is liable to make advance tax payment. So, this payment of tax installment in advance is called advance tax payment. Section 208 of the Income Tax Act deals with advance tax payment. 2019-12-05 · Advance Tax means. Income tax payable for the current year (based on the projected income) needs to be paid in installment, during the current year only, is termed as Advance Income Tax. Who is liable to pay.
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2014-06-13 · Advance Tax Payment for A.Y. 2015-16 The First installment of advance tax payment for all CORPORATE assessees is due on 15th June, 2014. Working of Advance Tax For working out advance tax, first the estimated income for the financial year 2014-15 has to be worked out. In accordance with the Income-tax act, 1961, both corporate assessee and companies need to pay advance tax in 4 installments. Due Date.
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