CA.

Pavan Goyal

Introduction and Need

What is Advance Tax and why it is needed? Advance Tax is payment of taxes along with earning of income. It means to pay taxes as you earn. In other words the earning of income and payment of tax goes simultaneously. It is one of the ways to recover revenue from the people i.e Early cash flows for government

Dates of payment of Advance Tax

Due Date of InstallmentAmt. Payable as a % of Tax payable on or before For Company Assessee For Assessees 15th June 15th September 15th December 15th March 15% 45% 75% 100% 30% 60% 100% Other

Applicability in MAT & AMT

Advance Tax is applicable in case of MAT &

AMT as similar to other regular cases.

Interest Liability on default

Section 234A Interest for default in

furnishing the return of income Section 234B Interest for default in payment of advance tax Section 234C Interest for deferment of advance tax

Cases
In case of litigation with dept. regarding

taxability of a particular income, in case of its taxability advance tax becomes liable right from the day when it is accrued / earned. Section 8OIB and Mat and Advance tax Anand Shelters 234B in case of additions by Assessing officer right from the end of the year of which the return relates. Advance tax and capital gains (shifting the capital gain in a particular quarter for saving

Any Questions