Advance tax is the tax that needs to be paid in advance instead of paying it in a lump sum at the year-end. This tax is also known as pay as you earn. The payment of advance income tax is done in instalments according to the due dates defined by the income tax department.
Let us now learn about the due dates for paying advance tax.
Individuals and corporate taxpayers must file their advance tax for FY 2019-20 & FY 2018-19 as per the due dates mentioned below.
Due Date
On or before 15th June
Advance Tax Payable
15% of advance tax
Due Date
On or before 15th September
Advance Tax Payable
45% of advance tax less advance tax already paid
Due Date
On or before 15th December
Advance Tax Payable
75% of advance tax less advance tax already paid
Due Date
On or before 15th March
Advance Tax Payable
100% of advance tax less advance tax already paid
Due Date | Advance Tax Payable |
---|---|
On or before 15th June | 15% of advance tax |
On or before 15th September | 45% of advance tax less advance tax already paid |
On or before 15th December | 75% of advance tax less advance tax already paid |
On or before 15th March | 100% of advance tax less advance tax already paid |
The due date for taxpayers opting for Presumptive Taxation Scheme under section 44AD and 44ADA is as follows;
Due Date
On or before 15th March
Advance Tax Payable
100% of advance tax
Due Date | Advance Tax Payable |
---|---|
On or before 15th March | 100% of advance tax |