Knowledge Insights
Due Dates for payment of Advance Tax
For both individual and corporate taxpayers
| Due Date | Advance Tax Payable |
|---|---|
| On or before 15th June | 15% of advance tax less advance tax already paid |
| On or before 15th September | 45% of advance tax less advance tax already paid |
| On or before 15th December | 75% of advance tax less advance tax already paid |
| On or before 15th March | 100% of advance tax less advance tax already paid |
For taxpayers who have opted for Presumptive Taxation Scheme – Business Income
| Due Date | Advance Tax Payable |
|---|---|
| by 15th March | 100% of advance tax |
CBIC has clarified vide its Circular, that IGST Credit will be first used to offset IGST Liability and thereafter it can be used to offset CGST and SGST/UGST liability in any order and in any proportion as per newly inserted Rule 88A of the CGST Rules vide Notification No. 16/2019-Central Tax dated 29th March, 2019.
Setting up Business in India
- Income Tax
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- Advance Tax
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Due Dates for payment of Advance Tax
For both individual and corporate taxpayers
Due Date Advance Tax Payable On or before 15th June 15% of advance tax less advance tax already paid On or before 15th September 45% of advance tax less advance tax already paid On or before 15th December 75% of advance tax less advance tax already paid On or before 15th March 100% of advance tax less advance tax already paid For taxpayers who have opted for Presumptive Taxation Scheme – Business Income
Due Date Advance Tax Payable by 15th March 100% of advance tax - GST
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CBIC has clarified vide its Circular, that IGST Credit will be first used to offset IGST Liability and thereafter it can be used to offset CGST and SGST/UGST liability in any order and in any proportion as per newly inserted Rule 88A of the CGST Rules vide Notification No. 16/2019-Central Tax dated 29th March, 2019.
- Doing Business in India
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Setting up Business in India