What If I Pay Advance Tax After Due Date?

What if advance tax due date is Sunday?

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.

The penal interest at the end of the financial year will be calculated by the delay from the due date of particular installment..

What if advance tax is paid after 15th March?

If your advance tax shortfall is due to capital gains on shares or ESOPs where gains were earned post 15th March, you can avoid penal interest under section 234C by paying all your taxes in full before 31st March. … So in the next financial year, plan in advance and remember to pay timely instalments.

How advance tax is calculated?

How to calculate advance Tax? Advance tax can be calculated by applying the slab rate applicable to a financial year on his total total estimated income for that year. For example your total income for FY 2018-19 is Rs. 5,50,000, then your estimated liability is Rs.

On what basis Advance tax is paid?

Also called ‘pay-as-you-earn’ scheme, advance tax is the income tax payable if your tax liability is more than Rs 10,000 in a financial year. It should be paid in the year in which the income is received.

What is the percentage of advance tax?

The person liable to pay advance tax: If total tax payable in a financial year is Rs. 10000 or more, then a person has to pay advance tax….Advance Tax in India.Advance Tax Due DatesAdvance Tax Payable*On or before 15th June15%On or before 15th September45%On or before 15th December75%On or before 15th March100%

Can advance tax be paid after due date?

Interest Applicable On Late Payment of Advance Tax: You are liable to pay advance tax before the end of the financial year in 4 deadlines: June 15, September 15, December 15 and March 15. If your advance tax is not paid according to schedule, then you will have to pay an interest on the late payment.

Is it mandatory to pay advance tax?

Salaried, freelancers and businesses– If your total tax liability is Rs 10,000 or more in a financial year you have to pay advance tax. Advance tax applies to all taxpayers, salaried, freelancers, and businesses. … They have to pay the whole of their advance tax liability in one instalment on or before 15 March.

Can salaried person pay advance tax?

Advance Tax is applicable to any assessee, including salaried employees, whose tax liability for the financial year as reduced by the tax deducted / collected at source is Rs 10,000 or more. Salaried people have to be careful about the money they have put in a savings bank account.

What if TDS due date falls on Sunday?

As we know, TDS is required to be paid by 7th of next month except for the month of March where the due date is April 30. … Hence, accordingly, if the bank is closed (due to Sunday or holiday or strike) on the due date of payment, the same can be paid on the next working day.

Is Advance tax date extended?

Regarding interest payment on delayed tax payments, Iyer says, “The date of last instalment of advance tax payment is March 15 and is not extended but for the interest for delayed deposit of advance tax due on March 15 will now be computed at 9 per cent instead of 12 per cent for the period starting March 20 until June …

Can advance tax be paid after 31st March?

In case you are unable to pay advance tax on time, or there are any shortfalls in the advance tax paid by you, you can still pay advance tax latest by the 31st March of the same financial year. … So, in case you pay your advance tax on 16th of September, you will still be charged with an interest of 1 percent per month.

What is the penalty for late payment of advance tax?

As per Section 234B of the IT Act, if a taxpayer fails to pay at least 90% of the payable taxes before the financial year ends, he/she will have to pay penalty interest at the rate of 1% on the tax dues.

What happens if we don’t pay advance tax?

Taxpayer is liable to pay penal interest on advance tax if he has failed to pay any advance tax or the advance tax paid is less than 90& of the assessed tax. … However, most salaried people believe that they don’t have to pay it since tax is already deducted at source from their salaries.

How is interest calculated on late payment of advance tax?

Calculating Interest Penalty:1% interest rate per month for a period of 3 months is computed for advance tax less than 30% of the amount on or before September 15.In case advance tax is paid on or before December 15 is less than 60% of the taxable amount, interest of 1% for a period of 3 months is levied.More items…