Last date for advance tax payments extended to December 17

The government on Friday extended the last date for payment of the December instalment of advance tax from December 15 to December 17.

 

"The banks are closed on  December 15, 2013, being a Sunday. Accordingly, to facilitate payment of this instalment of Advance tax, the Central Board of Direct taxes (CBDT) has issued an order to extend the time limit to make such payments from December 15, 2013 to December 17, 2013," the Finance Ministry said.

 

Taxpayers, therefore, can now pay their advance tax instalments by December 17, 2013 without entailing any consequential interest for deferment, it added.

 

Advance tax payment is a clear reflection of the health of a company in particular and the economy in general and a lower payout indicates their lower profitability. Companies pay advance taxes in four instalments.