Advance tax – 2nd Installment

September 15, 2018 all-day

Payment of advance tax for the upcoming Assessment Year by the Salaried, freelancers and businesses– If total tax liability is Rs 10,000 or more in a financial year shall pay the tax in ITNS 282 Challan.

Senior citizens, who are 60 years or older, and do not run a business, are exempt from paying advance tax

1st Installment – 15%
2nd Installment – 45%
3rd Installment – 75%
4th Installment – 100%

Penalty : –

Section 234C: Under this section, if advance tax is not paid on schedule, an interest of 1% will be charged. This interest is for deferment in installments of advance tax on the installment payment during that quarter

Section 234B – If you do not pay 90% of the tax payable before the end of the fiscal year, then an interest of 1% is applicable. That is, if have either not paid any tax for an assessment year, or paid less than 90% of the advance tax due, then you’ll have to pay 1% simple interest on the tax dues. This would be considered as defaulting of tax payment.

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