Welcome to Presentation On ADVANCE TAX & INTEREST PROVISION

1. Welcome to Presentation On ADVANCE TAX & INTEREST PROVISION

2. Advance Tax • Tax is Paid in Advance when Tax Liability is More than 10,000. • Advance Tax is Paid in the Previous Year Itself, Thus the Tax is Paid in the year of Earning Income Itself • The Tax is Paid as income is earned • This Scheme of Advance Payment of Tax is also Called as Pay as you earn income

3. Due Date for Advance Tax Payment{ in case of assesses (other than Companies)}

4. Due Date for Advance Tax Payment{ in case of Companies}

7. Section 234A • For Delay or Failure in Furnishing The Return • Interest at 1% on Tax Liablity • For Calculation of Interest Part of Month is Taken as a Month • Period of Interest Payable • In case of Companies or Assesse covered under Tax Audit From 1st October of the Assessment year to the Date of Furnishing the return of Income • In case of any other Assesse From 1st August of the Assessment year to the Date of Furnishing the return of Income

8. Section 234B

9. Section 234CIn case of a Non Corprate Assesse

10. Section 234CIn case of a Corprate Assesse

11. Section 234D Where the amount refund Granted to Assesse exceeds the amount refundable on regular assesment or Where the refund granted is not due on regular assessment, Interest at 1.5% for every Month, a part of Month is also consider as a Month, Period is from Date of grant of refund to the date of such regular assessment.

12. If the assesse fails to pay any tax within 30 Days from the date of receipt of the notice of Demand issued u/s 156, shall liable to pay interest, Interest at 1% for every Month, a part of Month is also consider as a Month, Period is from Expiry of 30 Days of the service of the demand notice Section 220(2)

13. Section 244A Under this section Interest is receivable by assesse Interest on excess payment of advance tax, tax collected or collected at source and any other tax or penalty becoming refundable Interest at 1.5% for every Month, a part of Month is also consider as a Month, It May be Noted that interest allowed u/s 244A is to be treated as income of the previous year in which it is allowed is therefore, required to be declared in the return of income for the corresponding assessment year.

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