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What is Installments of advance tax and due dates? Section 211 of Income Tax Act 1961

Instalments of advance tax and due dates are defined under section 211 of Income Tax Act 1961. Provisions under this Section are :

Section 211 of Income Tax Act "Installments of advance tax and due dates"

Advance tax liability of all assesses as per the amended provision of Section 211 of Income Tax Act, 1961 is as under:

Due Date of Installment Amount Payable
 

On or before 15th June

 

Note Less than 15% of Such Advance Tax

 

On or before 15th September

 

Note Less than 45% of Such Advance Tax, reduced by the amount paid in the last installment or installments

 

On or before 15th December

 

Note Less than 75% of Such Advance Tax, reduced by the amount paid in the last installment or installments

 

On or before 15th March

 

Note Less than 100% of Such Advance Tax, reduced by the amount paid in the last installment or installments

Amended provision of section 211 of the Income Tax Act, 1961:

"Amendment of section 211
15. In section 211 of the Income-tax Act,-
(a) for sub-section (1), the following sub-section shall be substituted, namely:-
'(1) Subject to the provisions of this section and of section 212, advance tax shall be payable in three equal instalments on the following dates during the financial year, namely:-
(i) the 15th day of June, the 15th day of September and the 15th day of December, in the case of an assessee whose total income to the extent of 75 per cent. thereof or more is derived from a source or sources for which the previous year (relevant to the assessment year next following the financial year aforesaid) ends on or before the 31st day of December;
(ii) the 15th day of September, the 15th day of December and the 15th day of March, in any other case:
Provided that in respect of any class of assessees referred to in clause (i), the Board may, having regard to the nature of dealings in the business carried on by such assessees, the method of accounting followed by them and other relevant factors, authorise, by notification in the Official Gazette and subject to such conditions as may be specified therein, the payment of the last instalment of 4he advance tax on the 15th day of March during the financial year instead of on the 15th day of December.

Explanation.-In this sub-section, 'total income" means,-
(a) in a case Where advance tax is paid by the assessee in accordance with an order of the Income-tax Officer under section 210, the total income with reference to which the advance tax payable has been calculated in such order;
(b) in a case where the advance tax is paid in accordance with an estimate made by the assessee under section 212, the total income with reference to which the advance tax is so estimated,

as reduced, in either case, by the capital gains, if any, included therein.';

(b) in sub-section (2), for the figures, letters and words "1st day of March" and "1st day of December", the figures, letters and words "15th day of March" and "15th day of December" shall, respectively, be substituted."

Old provision before amendment till financial year 2015-16 are as under:

211. (1) Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by-
(a) all the companies, who are liable to pay the same, in four Installments during each financial year and the due date of each Installment and the amount of such Installment shall be as specified in Table I below :

 
Due Date of Installment Amount Payable
 

On or before 15th June

 

Note Less than 15% of Such Advance Tax

 

On or before 15th September

 

Note Less than 45% of Such Advance Tax, reduced by the amount paid in the last installment or installments

 

On or before 15th December

 

Note Less than 75% of Such Advance Tax, reduced by the amount paid in the last installment or installments

 

On or before 15th March

 

Note Less than 100% of Such Advance Tax, reduced by the amount paid in the last installment or installments

 

 

(b) all the assessees (other than companies), who are liable to pay the same, in three Installments during each financial year and the due date of each Installment and the amount of such Installment shall be as specified in Table II below :

Due Date of Installment Amount Payable
 

On or before 15th September

 

Note Less than 30% of Such Advance Tax, reduced by the amount paid in the last installment or installments

 

On or before 15th December

 

Note Less than 60% of Such Advance Tax, reduced by the amount paid in the last installment or installments

 

On or before 15th March

 

Note Less than 100% of Such Advance Tax, reduced by the amount paid in the last installment or installments

Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act.

(2) If the notice of demand issued under section 156 in pursuance of an order of the Assessing Officer under sub-section (3) or sub-section (4) of section 210 is served after any of the due dates specified in sub-section (1), the appropriate part or, as the case may be, the whole of the amount of the advance tax specified in such notice shall be payable on or before each of such of those dates as fall after the date of service of the notice of demand.

   
 

Income Tax Act 1961

What are the Consequences of failure to deduct or pay? What is the meaning of Deduction only one mode of recovery? Section 201 and 202 of Income Tax Act 1961

What is Certificate for tax deducted? How to apply for Tax deduction and collection account number? Section 203 and 203A of Income Tax Act 1961

What is Furnishing of statement of tax deducted? What is the Meaning of person responsible for paying? Section 203AA and 204 of Income Tax Act 1961

What is Bar against direct demand on assessee? What is the meaning Persons deducting tax to furnish prescribed returns? Section 205 and 206 of Income Tax Act 1961

What is Furnishing of quarterly return in respect of payment of interest to residents without deduction of tax? What is the Requirement to furnish Permanent Account Number? Section 206A and 206AA of Income Tax Act 1961

What is Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc? Section 206C of Income Tax Act 1961

What is Tax collection account number? What is Processing of statements of tax collected at source? Section 206CA and 206CB of Income Tax Act 1961

What is Liability for payment of advance tax? What are Conditions of liability to pay advance tax? Section 207 and 208 of Income Tax Act 1961

What is Computation of advance tax? What is Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer? Section 209 and 210 of Income Tax Act 1961

What is Instalments of advance tax and due dates? Section 211 of Income Tax Act 1961

What is Interest payable by Government? What is Interest payable by assessee? Section 214 and 215 of Income Tax Act 1961

 

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