Advance Tax Liability for the A.Y. 2017-18|Due Dates|Advance Tax Calculator


Advance-Tax-Liability-for-the-A.Y.-2017-18-Due-Dates-Advance-Tax-Calculator
Advance Tax Liability for the A.Y. 2017-18
 Hello all here you are going to learn how to calculate advance tax advance tax calculator for ay 2017-18 advance tax due dates ay 2017-18 advance tax for ay 2017-18 advance tax calculation format in excel advance tax slab for individual ay 2017-18.




Advance tax liability for A.Y. 2017-18:


Advance-tax provisions were amended by the 2016 Finance Act (No. 28 of 2016), which comes into force on 01-06-2016 for the 2017-18 assessment year. The following are some significant changes to the anticipated tax liability for A. Y. 2017-18:

(A) Subsection 211 (1) is amended to provide that the advance tax will be paid in four installments of 15%, 45%, 75% and 100% of the current income tax payable prior to June 15, On 15 September, 15 March, respectively, for all evaluations. Until the end of fiscal year 2016-17, the base other than the corporate tax base paid the tax advance in three installments. Now, all valuation fees, except for the hedged basis, are treated at par for the provisions relating to withholding tax.

B) The assessors referred to in Decree 44AD must pay the advance fee of the entire amount in one installment no later than 15 March of the financial year, as a result of the increase in the Rs turnover limit. 1 crore to Rs. 2 crore.



Advance Tax Liability for the A.Y. 2017-18|Due Dates|Advance Tax Calculator

On the basis of the above amendments, the anticipated tax provision foreseen by the tax law is as follows:

Advance-tax (Articles 208, 209 and 211)

The advance tax is payable on all income during the year in all cases where the amount of tax payable by a taxable person in that year is Rs. 10,000 or more. Here is a graph showing the anticipated tax liability for A.Y. 2017-18:

Note:

Residents over the age of 60 who do not have taxable income under the heading "Profits and gains of the business or profession" are not required to pay the advance tax.


Any amount paid on account of the advance tax on or before 31 March is also considered as an advance tax paid during the financial year ending on the day
Deduction under Chapter VIA are eligible while calculating the liability for the anticipated tax.
The TDS must be reduced from the total tax debt of the tax base, then the specified percentage must be calculated from the advance tax.


Frequently Asked Questions about Advance Tax

What is Advance Tax and why it is paid in advance?

Taxation is a major source of funds for any government in the world. In India, in accordance with the general provision of the Income Tax Act of 1961, any person whose income exceeds the threshold of exemption is liable to income tax. However, for a fast and efficient collection of taxes, a mechanism is developed by the government in the form Advance Tax. The advance tax is a payment mechanism in which the tax is deposited by the tax base in a payment instead of the total amount deposited at the end of the fiscal year. For the assessor's point of view, the advance tax is useful for the management of the fund since the tax liability is divided into tranches.

What is a self-assessment tax?

Self-assessment tax: any balance tax paid by the tax base on taxable income after taking into account the TDS and the pre-tax before filing the income statement.

What are the statutory provisions for the payment of the tax advance in India?

The following sections of the Income Tax Act of 1961 deal with the provisions of the advance tax:

Article 208: Conditions for imposing advance tax
Article 209: Calculation of the advance tax
Section 210: Payment of the anticipated tax by the tax base on its own initiative or pursuant to an order of the assessment officer.
Section 211: installments and due dates.


When is the advance fee payable? / Who is required to pay the advance fee in India?
Pursuant to section 208, the advance tax is payable in a fiscal year, in all cases where the amount of tax payable by the tax base is ten thousand rupees or more. Thus, the advance tax provision applies to all taxable persons with a tax liability of more than 10 000 rupees. However, in the case where the following advance tax does not have to be filed:

1) when the entire tax liability is covered by the TDS deducted then in this situation the withholding tax is not applicable.


(2) Resident persons who are over 60 years of age and who do not have taxable income under the heading "Profits and Gains of Business or Profession" are not required to pay an advance tax. The other assessors referred to in section 44AD of the Act may file their liability for the total advance tax until March 15, 2017.


If a non-resident Indian (NRI) or non-resident is required to pay the tax advance in India?

Yes. The advance tax applies to non-resident Indians (NRIs) or non-residents if they have income accumulated during the year in India.


Also Read:
22 Income tax FAQ Questions|What are the due dates for filing income tax returns?
Income Tax Deductions FY 2016-17- Important Income Tax Exemptions AY 2017-18  
TDS Rate Chart for FY 2016-17 and AY 2017-18| TDS calculator for 2016-17  
 {Updated} Upload TDS returns and download statements on income tax website


How can I pay income tax? / What are the methods of payment of the advance tax?

The advance fee can be deposited in cash, by check and in electronic mode (debit card / credit card). The challan specified for the advance tax is ITNS 280. All designated branches of the banks empaneled with the Department of Income Tax are accepted advance tax. The assessor can pay the advance fee online through the TIN-NSDL website.



What are the penal consequences in the event of failure to make advance payments within the prescribed period?

If the advance tax is not paid or if the advance tax paid is less than 90% of the tax imposed, the taxable person is required to pay simple interest at 1% pm u / s 234B from 1 Day of contribution year until filing date Taxes and interest. In addition, if the advance tax payment is deferred beyond the due dates, interest of 1% pm for a period of 3 months will be payable for each carry-forward, except for the last installment of the 15 March where it will be 1% for a month.
 

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.


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.
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