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Advance Tax of Income Tax

Advance Tax & Income Tax Calculator AY 2014-15 (FY 2013-14)
for Companies, Firms, Local Authorities and Cooperative Societies

Advance Tax

  • No advance tax (also written shortly as A. Tax or Adv. Tax) is payable if the total income tax liability after reducing the tax deducted at source is less than Rs. 10000/-.
  • If Advance Tax is not paid in full for installments falling due on 15th June (for Corporates only), 15th September and 15th December, interest at the rate of 1% on the short amount for 3 months is to be payable.
  • If Advance Tax is not paid in full for installments falling due on 15th March, interest at the rate of 1% on the short amount for 1 month is to be paid. If the payment of the last instalment in March is delayed by even a day, interest is to be paid on the entire instalment amount.
  • If you do not pay advance tax at all or if the aggregate paid by March 31 is less than 90 per cent of the total tax payable, you will have to pay an interest of 1 per cent per month on the deficit amount from April 1 of the following year till the date you file your return.

Advance Tax Installments & Due Dates for Firms, Co-operatives and Local Authorities

Due DateAmount of Tax
15th SeptemberAt least 30% of Tax on total income for the year.
15th DecemberAt least 60% of Tax on total income for the year less advance tax already paid.
15th March100% of Tax on total income for the year less advance tax already paid.

Advance Tax Installments & Due Dates for Companies

Due DateAdvance Tax Installment Amount
15th JuneAt least 15% of Tax on total income for the year.
15th SeptemberAt least 45% of Tax on total income for the year less advance tax already paid.
15th DecemberAt least 75% of Tax on total income for the year less advance tax already paid.
15th March100% of Tax on total income for the year less advance tax already paid.
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