Taxation Exam > Taxation Notes > Fast Track Quick Revision Income Tax > Advance Tax (Section 207 to 211)
Advance Tax (Section 207 to 211) | Fast Track Quick Revision Income Tax - Taxation PDF Download
| Section 207. Liability to pay advance tax | |
| What is advance tax | The tax which is required to be paid in AY but is paid in PY is called advance tax. |
| Is advance tax payable on all income. |
Yes, advance tax is payable on all income whether it can be estimated or not. In case of that income which cannot be estimated like LTCG, STCG STT paid, Gifts advance tax is required to be paid in the same PY in which it arises. |
| Section 208. When does liability to pay advance tax arise. | |
| Who is required to pay advance tax? | Every person. |
| When a person is required to pay advance tax? |
If his estimated advance tax after deduction of TDS exceeds Rs.10,000. |
| Any exceptions ? | Yes |
| Exception . All conditions should be satisfied. | |
| 1. Person is resident individual aged atleast 60 years. | |
| 2. Such individual is not earning any business income | |
| Section 209. Computation of advance tax | |
| Estimate gross total income | 10,00,000 |
| Less: Estimated deduction u/s 80C to 80U | 10,00,000 |
| Estimated total income | 9,00,000 |
| Tax on the estimated total income | 2,00,000 |
| Add: Surcharge if applicable | 20,000 |
| Tax and surcharge | 2,20,000 |
| Add: Education cess | 6,600 |
| Tax liability | 2,26,600 |
| Less: Relief u/s 89 | 26,600 |
| Tax | 2,00,000 |
| Less: Tax deducted at source and collected at source | 1,90,000 |
| Advance tax payable | 10,000 |
| Section 211. Due date of payment of advance tax | ||
| All Assessee | 44AD | |
| • By 15th June | 15% | Nil |
| • By 15th September | 45% | Nil |
| • By 15th December | 75% | Nil |
| • By 15th March | 100% | 100% |
| Section 234C. Deferment in payment of advance tax | ||||
| Due date | Advance Tax to be paid (a) |
Advance tax paid (b) |
Shortfall | Interest |
| By 15th June | 15% | If advance tax paid is atleast 12% then interest is nil | (a) – (b) | 1% of shortfall x 3 |
| By 15th September |
45% | If advance tax paid is atleast 36% then interest is nil | (a) – (b) | 1% of shortfall x 3 |
| By 15th December |
75% | no relaxation | (a) – (b) | 1% of shortfall x 3 |
| By 15th March |
100% | no relaxation | (a) – (b) | 1% of shortfall x 1 |
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FAQs on Advance Tax (Section 207 to 211) - Fast Track Quick Revision Income Tax - Taxation
| 1. What is Advance Tax? |  |
Ans. Advance Tax is a system of paying income tax in advance, based on estimated income, during the financial year. It is applicable to individuals, companies, and other types of taxpayers to ensure regular and timely tax payments.
| 2. Who is liable to pay Advance Tax? | |
Ans. Any individual, including salaried individuals, freelancers, professionals, and businesses, is liable to pay Advance Tax if their total tax liability for the financial year exceeds Rs. 10,000. Companies are also required to pay Advance Tax.
| 3. How is Advance Tax calculated? | |
Ans. Advance Tax is calculated based on the estimated income for the financial year and the applicable tax rates. The taxpayer needs to estimate their income and calculate the tax liability as per the income tax slab rates. The Advance Tax is then paid in installments as per the due dates specified by the Income Tax Department.
| 4. What are the due dates for paying Advance Tax? | |
Ans. The due dates for paying Advance Tax are as follows:
- On or before 15th June: At least 15% of the estimated tax liability should be paid.
- On or before 15th September: At least 45% of the estimated tax liability should be paid.
- On or before 15th December: At least 75% of the estimated tax liability should be paid.
- On or before 15th March: The entire estimated tax liability should be paid.
| 5. What happens if Advance Tax is not paid or paid late? | |
Ans. If Advance Tax is not paid or paid late, the taxpayer may be subjected to interest under Section 234B and 234C of the Income Tax Act. Interest is charged for the delay in payment or shortfall in the amount of Advance Tax paid. It is important to pay Advance Tax on time to avoid any penalties and interest charges.
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