KKGS and Co

The due dates for filing Income Tax returns are as follows:

1. Where the assessee is a Company - 30th September of the assessment year
2. Where the assessee is a person other than a company:-

• where accounts of the assessee are to be Audited or a working partner of a firm

• whose  accounts are required  to be audied under the Income Tax Act or any other law

30th September of the Assessment Year.

     3.  Any other assessee - 31st July of the Assessment Year.

Installments and Due Dates for payment of Advance Tax are as follows:

• For all assessees who are liable to pay advance tax,  there  are 4  installments  of  advance  tax  payable  at  a  certain percentage of the estimated tax liability on or before the following dates of that financial year:

15th June           - 15% 

15th September - 45%

15th December  - 75% and

15th March        - 100%

Also, any amount  paid by  way of Advance  Tax on or before  the 31st  March of that year, is treated as Advance Tax Paid during that Financial Year.

The percentages shall be computed after cumulating the amount paid in the earlier installments if any during the Financial Year.

Estimated Tax Liability shall be Tax on the estimated total taxable income for that financial year less tax deductions at source if any.