Advance-tax

S. NO.	DUE DATE	ADVANCE Tax Payment	PRESUMPTIVE TTAX
1	Before or on the 15th of June	15%	Average Rate
2	By or before the 15th September	45%	-
3	By or before the 15th December	75%	-
4	On or before March 15th.	100%	-
5	On March 31, 2019.	-	100%

Important Points of Advance Tax

Step 1. What is the meaning behind advance tax

In the general taxation scheme, an individual taxpayer must pay income tax following the end of the fiscal year. But if the total amount of Tax due exceeds 10,000/- for a financial year, then Tax must be paid in advance according to the due date.

Step 2. Who is exempt from advance Tax?

A person, HUF or company whose income is taxed on a presumed basis of income tax is not obliged to pay Tax in advance. This option is generally for small-sized businesses that pay Tax by a percentage of turnovers and not based on the actual profit.

Step 3. The interest rate on late payment

The Tax on advance payments is due on the due date. The dates are given below to make it easy. If you fail to pay, the advanced taxpayer is subject to an interest rate of 1 percent per month or a portion thereof.

Step 4. Who Should Pay for Advance Tax

Any taxpayer, regardless of whether they are a salaried worker or freelancer, or having business income from a sole firm, proprietorship, OPC, LLP or an organization, is obliged to pay Tax on income in advance if the Tax is higher than 10k in the fiscal year.

Step 5. What is presumed taxation?

Under presumptive taxes, the taxpayer must be taxed at 8% of turnover. Only HUF, individual and partnership companies are eligible for taxation presumptive. For trading, the maximum turnover limit is two crores, while professional firms are limited to 50 lacs.

Step 6. Interest in deferment of advance Tax

Income tax is to be paid on an estimated basis in the fiscal year. The laws governing paying the Tax in advance are mandatory if the Tax due exceeds the number of Rs. 10,000/- within the financial year.

Quantity	: 1 Year
Market Price	: ₹11899
DobizIndiaFilings	: ₹8389 excl. GST
	₹9899 incl. GST
GST Credit	: ₹1510
You Save	: ₹3510 (29%)

Quantity

: 1 Year

Market Price

: ₹11899

DobizIndiaFilings

: ₹8389 excl. GST

₹9899 incl. GST

GST Credit

: ₹1510

You Save

: ₹3510 (29%)

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