What are the dates when advance tax in India is to be paid?

Advance tax i.e. the tax payment in advance in lieu of your total tax liability of over Rs. 10,000 in a financial year falls due at different times of the year for different assessees. Corporates and companies have to make the advance tax payment in 4 installments whereas individuals including self-employed professionals and business class and have to pay it off in three installments.

So, to provide a know-how on when the advance tax payment becomes due and what % has to be paid in each of the installment, here is put forth the complete details. The information as well as compliance in respect of the same is crucial for taxpayers as the non-payment of advance tax by the due date attracts penalty. And penal interest in respect of the same is calculated at the end of the financial year by accounting for the delay from the date particular installment became due.

For a given financial year, advance tax i.e. to be paid in advance on the estimated income in a year has to be settled by companies and corporates in 4 installments of 15%, 30%, 30% and 25% of the advance tax amount respectively on 15th June, 15th September, 15th December and 15th March. While individuals are liable to pay advance tax in three installments of 30%, 30% and 40% on 15th September, 15th December and 15th March respectively.

In case, the dates when advance tax payment falls due in a year happens to be a Sunday or a public holiday, advance tax can be paid on the following day and it shall be treated as the tax paid in advance with no penal charges.

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