Question: What If Advance Tax Due Date Is Sunday?

What is the last date to pay advance tax?

Advance tax deadlinesDue DateAdvance Tax PayableOn or before 15th June15% of advance taxOn or before 15th September45% of advance taxOn or before 15th December75% of advance taxOn or before 15th March100% of advance tax.

What if advance tax is not paid?

As per Section 234B of the IT Act, if a taxpayer fails to pay at least 90% of the payable taxes before the financial year ends, he/she will have to pay penalty interest at the rate of 1% on the tax dues.

Can advance tax be paid after 31st March?

If you miss the Deadline of 15th September In case you are unable to pay advance tax on time, or there are any shortfalls in the advance tax paid by you, you can still pay advance tax latest by the 31st March of the same financial year.

Does 1 day late payment affect credit score?

A one-day-late payment does not affect a credit score. A late payment won’t be reported to the credit bureaus until it is 30 days past-due – meaning a second due date has passed.

Can we pay advance tax on Sunday?

If on the due dates is Sunday or any holiday then the assesee can deposit the advance tax on next working day. It will treated as advance tax and no penal interest will be charged.

What if the due date falls on a Sunday?

Yes. If your payment is due on a day on which mail is not delivered (such as a Sunday) and you mail your payment, you cannot be charged a late fee if your payment arrives on the next business day. However, if you pay online you must make your payment on the day it was due even if that day is a Sunday or holiday.

Can I pay advance tax after due date?

Interest Applicable On Late Payment of Advance Tax: You are liable to pay advance tax before the end of the financial year in 4 deadlines: June 15, September 15, December 15 and March 15. If your advance tax is not paid according to schedule, then you will have to pay an interest on the late payment.

Is it mandatory to pay advance tax?

Salaried, freelancers and businesses– If your total tax liability is Rs 10,000 or more in a financial year you have to pay advance tax. Advance tax applies to all taxpayers, salaried, freelancers, and businesses. … They have to pay the whole of their advance tax liability in one instalment on or before 15 March.

Do payments go through on weekends?

Payments to another person, business or account with another bank. If you are making a payment after 6.30pm, on a weekend, or a Bank holiday, the payment will normally leave you account immediately, and be available in the recipient bank account within a few hours.

Can salaried person pay advance tax?

Advance Tax is applicable to any assessee, including salaried employees, whose tax liability for the financial year as reduced by the tax deducted / collected at source is Rs 10,000 or more. Salaried people have to be careful about the money they have put in a savings bank account.

How advance tax is calculated with example?

Advance tax can be calculated by applying the slab rate applicable to a financial year on his total total estimated income for that year. For example your total income for FY 2018-19 is Rs. 5,50,000, then your estimated liability is Rs. 23,400 calculated as follow.

How is interest calculated on late payment of advance tax?

Calculating Interest Penalty:1% interest rate per month for a period of 3 months is computed for advance tax less than 30% of the amount on or before September 15.In case advance tax is paid on or before December 15 is less than 60% of the taxable amount, interest of 1% for a period of 3 months is levied.More items…

Is paying on the due date late?

So even if you mail a payment before the due date, if it gets delayed in the mail, it will still be considered late. If you make an online or phone payment, it must be done by the due date. Online and phone payments made the next business day will be considered late.