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  • Advance Tax for Companies – Non-Individuals

    Advance Tax:

    Advance tax is the tax payable on total income of the year earned from different sources including salary, business, profession, rent, etc. The tax is supposed to be paid before the end of the financial year.

    Advance tax is also known as ‘Pay as you earn’ scheme. The tax is payable if your tax liability exceeds Rs.10,000 in a financial year.The tax should be paid in the same year in which the income was received.

    Advance Tax for Companies - Non Individuals Due Dates:

    Listed below are the due dates for advance tax for companies:

    Due Date for Payment Amount Payable
    On or before 15th June Not less than 15% of the advance tax liability
    On or before 15th September Not less than 45% of the advance tax liability
    On or before 15th December Not less than 75% of the advance tax liability
    On or before 15th March 100% of the advance tax liability

    Advance Tax Calculator for AY 2016-17 (FY 2015-16) :

    One can calculate the advance tax payable by using the calculator designed specially for that. The user has to provide a few details in order to calculate the advance tax. Listed below are the main parameters required:

    • Income taxable at Normal Rates
    • Income taxable at Special Rate
    • Taxes already paid
    • Income Tax
    • Advance Tax
    • Due date

    Interest for Deferment of Advance Tax for Companies:

    Non payment or short payment of advance tax attracts interest which has to be paid. Listed below is the interest payable for deferment of advance tax for companies in India.

    Deferment Interest Payable
    If the advance tax paid is less than 15% up to 15th of June Interest on the amount that it falls short by at 1% p.a. for 3 months
    If the advance tax paid is less than 45% up to 15th of September Interest on the amount that it falls short by at 1% p.a. for 3 months
    If the advance tax paid is less than 75% up to 15th of December Interest on the amount that it falls short by at 1% p.a. for 3 months
    If the advance tax paid is less than 100% of the tax due up to 15th of March Interest on the amount that it falls short by at 1% p.a. for 3 months

    Frequently Asked Questions:

    1. Who should pay the Advance Tax?
    2. Any individual whose tax liability exceeds Rs.10,000 qualifies for the payment of advance tax.

    3. How to calculate Advance Tax?
    4. Advance tax can be calculated using the advance tax calculator by providing a few details related to tax.

    5. Is the Advance Tax for individuals the same as Advance Tax for Companies?
    6. Due dates and interest payable on the deferment of advance tax varies for individuals and companies.

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