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Last date of itr 31 july 2018, so what is four installment of advance tax means?, Income Tax

Issue Id: - 113950
Dated: 14-7-2018
By:- Amit Bansal
Last date of itr 31 july 2018, so what is four installment of advance tax means?

  • Contents

According to the income tax department payment of advance, are according to four installments as below:

Due Date Advance tax Payable
On or before 15th June 15% of estimated Advance Tax
On or before 15th September 45% of estimated Advance Tax
On or before 15th December 75% of estimated Advance Tax
On or before 15th March 100% of estimated Advance Tax

The last date for filling ITR is 31st July 2018, on that date we are supposed to pay 100% tax liability. My question is how both are possible?

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1 Dated: 15-7-2018
By:- DR.MARIAPPAN GOVINDARAJAN

As indicated by you it is the 100% estimated Advance tax but not actual advance tax, You can assess the actual income after 31.03.2018 only. If you pay advance tax in excess you can claim refund.


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