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Attention taxpayers: Pay first instalment of Advance tax by 15th June, 2018

Attention taxpayers: Pay first instalment of Advance tax by 15th June, 2018

Taxpayers liable to pay advance tax

Mode of payment

Schedule for payment of advance tax

  • Any assessee, including salaried employee, whose tax liability for the financial year as reduced by the tax deducted/ collected at source is Rs. 10,000/- or more.
  • Resident Senior citizen (individual who is of the age of 60years or more) not having income from business/ profession, is not liable to pay.
  • Assessee in respect of eligible business referred to in section 44AD is liable to pay whole amount of such advance tax on or before 15th March of respective Financial Year.
  • E-payment is mandatory for all corporate and also those assessee whose accounts are required to be audited u/s 44AB of the Income Tax Act.
  • E-payment is convenient for other taxpayers also as it ensures correct credit.

Due date

Amount

  • On or before 15th  of June, 2018

15% of the advance tax payable.

  • On or before 15th of September, 2018

 

45% of Advance tax payable.

 

  • On or before 15th of December, 2018

 

75% of Advance tax payable.

 

  • On or before 15th of March, 2019

100% of advance tax payable.