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INCOME TAX LAW - UPDATE 02/05/2017

Website General Circular No. VXJC - 003/ IT / 02-05-2017

Sub: Reminder for Payment of Advance Tax
Ref: Financial Year: 2017-18

Warm greetings from VXJC
It is to note that under section 211 of the Income Tax Act 1961, advance tax on current income, calculated in the manner laid down in section 209, shall be payable in four installments by all assessees [other than those assessees covered in sec 44AD (1) and sect 44ADA (1)], who are liable to pay the same.

The due date of each installment and the amount of such installment shall be specified in the Table below:

Due date of Installment Amount payable
On or before 15th June Not less than 15% of such advance tax
On or before 15th September Not less than 45% such advance tax, as reduced by the amount, if any, paid in the earlier installment
On or before 15th December Not less than 75% such advance tax, as reduced by the amount or amounts, if any, paid in the earlier installment or installments.
On or before 15th March The whole such advance tax, as reduced by the amount or amounts, if any, paid in the earlier installment or installments.
Those assessees covered in sec 44AD (1) and sect 44ADA (1): the whole amount of such advance tax, during each financial year on or before the 15th March

For any clarification/information you may contact our office.

Important Note on Disclaimer
This circular is for the general information purpose only. VXJC is in no way responsible to those persons who act on the basis of contents of this circular. Hence it is advised to refer the relevant official website/original notifications or circulars/statutes/consult a professional before taking a decision. Errors and omissions are expected.