Advance Tax Provision for Individual, HUF, Corporate and other Non-Corporate Assesses

ADVANCE TAX – Individual, HUF and other Non- Corporate

No Advance tax is payable if the total tax liability after reducing the tax deducted at source is less than Rs.10,000/-
Senior citizens who do not have any income from business are exempted from payment of advance tax with effect from 01.04.2012
If Advance tax is not paid full for installments falling due on 15^th September, 15^th December, interest at the rate 1% on the short amount for 3 months is to be paid.
Interest rate will be 1% for every per month or part of a month comprised.
Advance Tax Due dates & Installments

Due Date	Amount of Tax
15^th September	At least 30% of Tax on total income of the year
15^th December	At least 60% of Tax on total income of the year less tax already paid
15^th March	100% of Tax on total income for the year less advance tax paid already

ADVANCE TAX – Corporate

No Advance tax is payable if the total tax liability after reducing the tax deducted at source is less than Rs.10,000/-
If Advance tax is not paid full for installments falling due on 15^th June, 15th September, 15^th December, interest at the rate 1% on the short amount for 3 months is to be paid.
Interest rate will be 1% for every per month or part of a month comprised.
Advance Tax Due dates & Installments

Due Date	Amount of Tax
15^th June	At least 15% of Tax on total income of the year
15^th September	At least 45% of Tax on total income of the year less advance tax already paid
15^th December	At least 75% of Tax on total income of the year less advance tax already paid
15^th March	100% of Tax on total income for the year less advance tax paid already

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