Dear all corporates
The Due date for Advance Tax payment for the second installment for the company and first installment for the non company has been comes up on september 15,2011 with rate of 30% especially for those whose tax liability exceed upto Rs.10,000.00 for year
The Rates and Due dates for Non - Company and Company are as follows :
1. Company
June 15 - 15% of Tax Assessed
September 15 - 30% of Tax Assessed
December 15 - 60% of Tax Assessed
March 15 - 100% of Tax Assessed
2. Non Company
September 15 - 30% of Tax Assessed
December 15 - 60% of Tax Assessed
March 15 - 100% of Tax Assessed
Here is the tax assessed means = Tax due minus Tax deducted at source. Please note that to check Rs. 10,0000. 00 exceed limitand and then you have to consider full amount of tax due but for interest calculation amount is to be taken is total tax due minus tax deducted / collected at source (TDS/TCS)
Further for capital gain amount person can pay prospective instalments only. Means have to oay future advance tax installment due after earning of capital gain. However this exemption is only considered if you have paid whole of advance tax by March 31st (in same previous year)
If you have not paid your tax pro-rate bases in advance as shown above in advance as shown abobe you have to pay interest u/s 234C. Further if you have not paid your full taxes by 31.03.2012 for AY 2012-2013 then you have to pay interest under section 234B on balance amount of tax.
Due date to file Income Tax Return in respect of assessment year 2012-2013 for person other than companies and non audit case is July 31,2012. Interest U/s 234A is payable only if you miss the Income Tax due date for AY 2012-2013 i.e July 31,2012
And I hope you are not interested in calculation under thse section and have paid advance tax on time. However due to inaccurate estimate of income these one of these sections are applicable in most of the cases.
Rate of Interest: Rate of Interest is 1% per month or part thereof in all the above cases
