Advance Tax Payment Due Date- Know the deadlines

Advance Tax- It means Income Tax, which needs to be paid by the assessee in advance before year-end. These payments have to be made in installments on or before the due dates as provided by the department. In this article, we will know the Advance Tax Payment Due Date and other related things.

Who Needs to pay advance tax

Under the Income Tax, If the tax liability of taxpayers is expected to be Rs. 10,000 or more than Rs. 10,000 for the respective financial year, then the assessee is required to pay the liability of Advance Tax.

Advance Tax Payment for Presumptive Income

The taxpayers who opted for presumptive income taxation e.g. Section 44AD, Section 44ADA, Section 44AE have to pay the whole advance tax liability in one installment on or before 15th March. They can also pay the entire amount by 31st March.

Advance Tax Payment Due Date

Advance Tax Payment Due Date for all assessee except presumptive taxation scheme

Advance Tax Payment Due DateAdvance Tax Liability
On or before 15th June15% of advance Tax
On or before 15th September45% of advance Tax less advance tax already paid
On or before 15th December75% of advance Tax less advance tax already paid
On or before 15th March100% of advance Tax less advance tax already paid

Also Read- TDS returns and forms- All about Form 24Q, Form 26Q, Form 16, and Form 16A

Advance Tax Payment Due Date for assessee opted for presumptive taxation scheme

Advance Tax Payment Due DateAdvance Tax Liability
On or before 15th March100% of Advance Tax

Also Read-

🎯 All about section 44AD of the Income Tax Act- Presumptive Taxation Scheme

🎯 All about section 44ADA of the Income Tax Act- Presumptive Taxation Scheme

Frequently Asked Questions- FAQs

  1. What is the last date of advance tax payment?

    For payment of advance tax, there are four payment dates in a year and payment of advance tax need to be paid on the respective date with specified percentage as follow-

    As per the law, the taxpayers are required to pay annual estimated tax in installments of 15%, 45%, 75%, and 100% on or before June 15, September 15, December 15, and March 15 respectively for every year.

    Accordingly, the last date of advance tax payment is 15th March.

  2. Is the Advance Tax date extended for FY 2021-22?

    No, there is no extension of advance tax payment for FY 2021-22 and the due dates with payment % are as follow-

    As per the law, the taxpayers are required to pay annual estimated tax in installments of 15%, 45%, 75%, and 100% on or before June 15, September 15, December 15, and March 15 respectively for every year.

  3. What is the due date for advance tax payment for FY 2021-22?

    As per the law, the due date for advance tax payment for FY 2021-22 are as follow-

    As per the law, the taxpayers are required to pay annual estimated tax in installments of 15%, 45%, 75%, and 100% on or before 15 June 2021, 15 September 2021, 15 December 2021, and 15 March 2021 respectively for every year.

  4. Can advance tax be paid after 15th June?

    Yes, advance tax payment can be paid after 15th June, there are 3 more installment dates on or before which advance tax can be paid, which are September 15, December 15, and March 15 respectively for every year.

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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