Welcome to Presentation On ADVANCE TAX & INTEREST PROVISION

Advance Tax Tax is Paid in Advance when Tax Liability is More than 10,000. Advance Tax is Paid in the Previous Year Itself, Thus the Tax is Paid in the year of Earning Income Itself The Tax is Paid as income is earned This Scheme of Advance Payment of Tax is also Called as Pay as you earn income

Due Date for Advance Tax Payment { in case of assesses (other than Companies)} Due DateTax Amount Liable to Pay on or before 15 th September on or before 15 th December on or before 15 th March Not Less than 30% of such advance tax Not Less than 60% of such advance tax as reduced by the amount, if any paid in the earlier Installment The Whole Amount of such advance tax as reduced by the amount, if any paid in the earlier Installment or Installments

Due Date for Advance Tax Payment { in case of Companies} Due DateTax Amount Liable to Pay on or before 15 th June on or before 15 th September on or before 15 th December on or before 15 th March Not Less than 15% of such advance tax Not Less than 45% of such advance tax as reduced by the amount, if any paid in the earlier Installment Not Less than 75% of such advance tax as reduced by the amount, if any paid in the earlier Installment The Whole Amount of such advance tax as reduced by the amount, if any paid in the earlier Installment or Installments

Interest on Tax Liability Payable by Assesse Receivable by Assesse

Payable By AssesseReceivable by Assessee Section 234A Section 234B Section 234C Section 234D Section 220(2) Section 244A

Section 234A For Delay or Failure in Furnishing The Return Interest at 1% on Tax Liablity For Calculation of Interest Part of Month is Taken as a Month Period of Interest Payable In case of Companies or Assesse covered under Tax Audit From 1 st October of the Assessment year to the Date of Furnishing the return of Income In case of any other Assesse From 1 st August of the Assessment year to the Date of Furnishing the return of Income

Section 234B Interest is Payable Liable Tax Amount Interest Rate Period An Assesse who is Liable to pay Advance Tax has failed to pay Such Tax An Assesse who has paid Advance Tax but the Amount of advance Tax Paid is Less than 90% of assessed Tax on assesed Tax Assessed Tax Minus advance Tax 1% for every month or Part of Month From 1 st April of the Assessment year to the date of determination of total income or where regular assessement is Made to the date of such regular assessement

Section 234C In case of a Non Corprate Assesse Interest is Payable Interest RateLiable Tax Amount Period If Advance Tax is paid on or before September 15 is Less than 30% If Advance Tax is paid on or before December 15 is Less than 60% If Advance Tax is paid on or before March 15 is Less than 100% 1% for every month or Part of Month 30% on Tax Amount Minus Advance Tax Paid 60% on Tax Amount Minus Advance Tax Paid Tax Amount Minus Advance Tax Paid 3 Months Nil

Section 234C In case of a Corprate Assesse Interest is PayableInterest RateLiable Tax Amount Period If Advance Tax is paid on or before June 15 is Less than 15% If Advance Tax is paid on or before September 15 is Less than 45% If Advance Tax is paid on or before December 15 is Less than 75% If Advance Tax is paid on or before March 15 is Less than 100% 1% for every month or Part of Month 15% on Tax Amount Minus Advance Tax Paid 45% on Tax Amount Minus Advance Tax Paid 75% on Tax Amount Minus Advance Tax Paid Tax Amount Minus Advance Tax Paid 3 Months Nil

Section 234D Where the amount refund Granted to Assesse exceeds the amount refundable on regular assesment or Where the refund granted is not due on regular assessment, Interest at 1.5% for every Month, a part of Month is also consider as a Month, Period is from Date of grant of refund to the date of such regular assessment.

Section 220(2) If the assesse fails to pay any tax within 30 Days from the date of receipt of the notice of Demand issued u/s 156, shall liable to pay interest, Interest at 1% for every Month, a part of Month is also consider as a Month, Period is from Expiry of 30 Days of the service of the demand notice

Section 244A Under this section Interest is receivable by assesse Interest on excess payment of advance tax, tax collected or collected at source and any other tax or penalty becoming refundable Interest at 1.5% for every Month, a part of Month is also consider as a Month, It May be Noted that interest allowed u/s 244A is to be treated as income of the previous year in which it is allowed is therefore, required to be declared in the return of income for the corresponding assessment year.