Advance Tax Payment Due Dates – Last Dates to Deposit Advance Tax
Advance Tax Installment Due Dates for F.Y.2014-15 (A.Y.2015-16)
Advance tax has to paid by the assessee on the following dates specified by the Income Tax act. The delay in the payment of advance tax attracts penalty.
1 st Installment of Advance tax –15 June 2014
For non-company assessees – NIL
For Company assessees – 15% of advance Tax
2 nd Installment of Advance Tax — 15th September 2014
For non-company assessees – 30% of advance Tax
For Company assessees – 30% of advance Tax
3rd Installment of Advance Tax 15th December 2014
For non-company assessees – 30% of advance Tax
For Company assessees – 30% of advance Tax
4 th Installment of Advance Tax –15th March 2015
For non-company assessees – 40% of advance Tax
For Company assessees – 25% of advance Tax
Last Payment — 31st March 2015
Tax on capital gains or any income earned after 15th March.
Important Points for Advance Tax Payment
In the case of salary Income the tax is deducted by the employer. So TDS is also treated as prepaid taxes. So salaried person pay advance tax but in the shape of TDS. So the Salaried person need to pay tax, if the tax is less than TDS. But if the TDS is less than actual Tax then they are also liable to pay advance tax.
But TDS should be deposited latest by 31st March of the financial year. If on the due dates is Sunday or any holiday then the assesee can deposit the advance tax on next working day. It will treated as advance tax and no penal interest will be charged.
Latest amendment for Advance Tax Payment
Senior citizens (Over 60 Years) need not to pay advance tax if not having any business income. (w.e.f.1-4-2012).
