Advance tax

Advance tax

 Advance tax for person other than companies is payable if tax due in a financial year is more than Rs.10,000/- before the TDS amount .

Such person have to pay advance tax in three installments.

1.      30% of tax assessed = Before 15 th September of previous year  
         (for A.y 2014-15 date is 15.09.2013)
2.      60% of tax assessed=Before15 th December of previous year 
         ( For  A.y 2014-15  Date is 15.12.2013
3.      100% of tax assessed = Before 15 thMarch of previous year 
          (For  A.y 2013-14  Date is 15.03.2014)

Here  tax Assessed means = Tax due minus Tax deducted at sources.
Please note that to check 10000 cut off limit 
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).