Aware about the Due dates for deposite the advance tax
Contributor July 25th, 2007
Liability for payment of advance tax arises where the amount of tax payable by the assessee for the year is Rs.5,000/- or more. The due dates for various installments of advance tax are given below:
| DUE DATE | AMOUNT PAYABLE |
| (i) On or before 15th September | Amount not less than 30% of such advance tax. |
| (ii)On or before 15 December | Amount not less than 60% or such advance tax. |
| (iii)On or before 15th March | Entire balance amount of such advance tax. |
Also, any amount paid by way of advance tax on or before 31st March is treated as advance tax paid during the financial year.
The floor areas for this purpose have been specified in Notification No. S.O. 467(E) .
The due date filing of return of income in case of salaried employees is 31st of July. If the return of income has not been filed within the due date, a belated return may still be furnished before the expiry of one year from the end of the assessment year or completion of assessment, whichever is earlier.