Explanation of Advance Tax

CA Devesh Thakur

Deductions under Section 80C to 80U

Advance Tax Installments and Due Dates for Individuals and Businesses in India (FY 2024-25)

InstallmentDue DatePercentage for Individuals & HUFsPercentage for CompaniesNotes
1st InstallmentJune 15, 202415%15%– Applicable to estimated tax liability exceeding Rs. 10,000. <br> – Can pay full estimated tax by this date to avoid further installments.
2nd InstallmentSeptember 15, 202445% (cumulative 60%)45% (cumulative 60%)
3rd InstallmentDecember 15, 202475% (cumulative 90%)75% (cumulative 90%)
4th InstallmentMarch 15, 2025100% (remaining amount)25% (remaining amount)– Companies can opt to pay 100% by this date. <br> – Individuals exceeding Rs. 1 Cr income must pay entire tax by this date.
advance tax installment and due dates FY 2024-25

Additional Information:

  • Advance tax is paid on estimated income for the financial year.
  • You can revise your estimated tax liability and adjust advance tax payments throughout the year.
  • Interest is charged on late payments at 1% per month.
  • Senior citizens (age 60+) with no business or professional income are exempt from advance tax.

Disclaimer: This table is for informational purposes only and does not constitute professional tax advice. Please consult with a qualified tax advisor for personalized guidance.

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