Who is liable for advance tax payment?
1. Any assessee, including salaried employee, whose tax liability for the financial year as reduced by the tax deducted/collected at source is Rs 10,000 or more.
2. Assessee in respect of eligible business referred to in section 44AD is liable to pay whole amount of such advance tax on or before 15th of March of respective financial year, the income tax department said.
3. A resident senior citizen (individual who is of the age of 60 years or more) not having income from business/profession is not liable to pay income tax.
(Also Read: Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March. Details Here)
e-payment is mandatory for all corporates and also those assessees whose accounts are required to be audited u/s 44AB of the Income-Tax Act.
(Also Read: Income Tax Filing: Tenants Need To Deduct TDS From Rent Over Rs. 50,000)
e-payment is convenient for other taxpayers also as it ensures correct credit, said the department.
Pay your 4th and last instalment of Advance Tax by 15th March,2018. pic.twitter.com/kt5eAzM5Em— Income Tax India (@IncomeTaxIndia) March 13, 2018
The last date to file belated income tax returns for assessment years 2016-17 and 2017-18 is December 31, 2018.
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