Due Dates of Advance Tax for AY 2017-18

Advance tax (Section 208, 209 & 211)

Advance tax is payable on all income during the financial year in every case where the amount of such tax payable by an assessee during that year is Rs. 10,000 or more. Following is chart showing Advance Tax Liability for the A.Y. 2017-18:

Advance Tax Liability for All Assessee (other than covered under section 44AD of the I.T. Act 1961)

Due Date	Installment Payable
On or before 15th Jun, 2016	Not less than 15% of advance tax.
On or before 15th  Sep, 2016	Not less than 45% of advance tax as reduced by the amount paid in the earlier installment.
On or before 15Th Dec, 2016	Not less than 75% of advance tax as reduced by the amount paid in the earlier installments.
On or before 15Th Mar, 2017	The whole amount (100%) of advance tax as reduced by the amount paid in the earlier installments.

Advance Tax Liability for Assessee covered under section 44AD of the I.T. Act 1961

Due Date	Installment Payable
On or before 15th Jun, 2016	—
On or before 15th  Sep, 2016	—
On or before 15Th Dec, 2016	—
On or before 15Th Mar, 2017	The whole amount (100%) of advance tax as reduced by the amount paid in the earlier installments.

Note:

1.     Resident individuals who are over 60 years of age and do not have income chargeable under the head ‘Profits and Gains of Business or Profession’ are not required to pay advance tax.

2.     Any amount paid by way of advance tax on or before 31st March shall also be treated as advance tax paid during financial year ending on that day

3.     Deduction under Chapter VIA are allowable while computing liability of advance tax.

4.     TDS is to be reduced from total tax liability of assessee and then specified percentage be calculated of advance tax.

CA Poonam Jain

poonam.ca.jain@gmail.com