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Advance Tax Liability For The A.Y. 2017-18

Union Budget 2016 proposed Advance Tax Liability for the A.Y. 2017-18

(a) Section 211(1) is amended to provide that advance tax will be paid in four installments of 15%, 45%, 75% and 100% of tax payable on the current income by 15th June, 15th September, 15th December and 15th March, respectively in case of all assesses.

(b) Assessees covered u/s 44AD are to pay advance tax of the whole amount in one instalment on or before the 15th March of the financial year consequent upon raising of the turnover limit from Rs.1 crore to rs.2 crore

(c) These amendments will take effect from 1st June, 2016.

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