Quick Answer: Is Advance Tax Date Extended?

What if TDS due date falls on Sunday?

Even though the Circular is issued with reference to payment of advance taxes only, the same also extends to payment of TDS.

Refer Rule 125 of Income Tax Rules, 1962.

Hence, accordingly, if the bank is closed (due to Sunday or holiday or strike) on the due date of payment, the same can be paid on the next working day..

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?

How to calculate advance Tax? 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.

What if advance tax due date is 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. … The penal interest at the end of the financial year will be calculated by the delay from the due date of particular installment.

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…

Are payroll taxes extended?

California employers directly affected by an emergency or disaster may request an extension of up to 60 days to file their state payroll reports and to deposit state payroll taxes with the EDD, without penalty or interest.

Has the tax deadline for 2020 been extended?

On March 20, 2020, the IRS officially extended the federal income tax filing deadline from April 15 to July 15. That means taxpayers who owe money don’t need to file a tax return until this date, and if they owe money they don’t need to make payments until then.

What if advance tax is paid after 15th March?

If your advance tax shortfall is due to capital gains on shares or ESOPs where gains were earned post 15th March, you can avoid penal interest under section 234C by paying all your taxes in full before 31st March. … So in the next financial year, plan in advance and remember to pay timely instalments.

What is the last date for TDS payment for March 2020?

The normal due date to pay the liability of TDS in the month of March is April, 30, 2020 which falls between March 20 to June 29. In normal circumstances, if the TDS is paid on May 20, 2020 then the deductor has to pay interest @ 1.5 % from March 2020 to May 2020 or 3 months.

What is the penalty for late payment of advance tax?

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.

What is the due date for tax filing FY 2019/20 AY 2020 21?

The due date for the income tax return for the FY 2019-20 (AY 2020-21) has now been extended to November 30, 2020. The returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed up to 30th November, 2020.

What is the percentage of advance tax?

The person liable to pay advance tax: If total tax payable in a financial year is Rs. 10000 or more, then a person has to pay advance tax….Advance Tax in India.Advance Tax Due DatesAdvance Tax Payable*On or before 15th June15%On or before 15th September45%On or before 15th December75%On or before 15th March100%

On what basis Advance tax is paid?

Also called ‘pay-as-you-earn’ scheme, advance tax is the income tax payable if your tax liability is more than Rs 10,000 in a financial year. It should be paid in the year in which the income is received.

Has the April 15 tax deadline been extended?

The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been extended from April 15 to July 15, 2020.

Is the tax deadline still April 15?

The Treasury Department and the IRS have officially extended the federal income tax filing due date from April 15, 2020, to July 15, 2020. Read the complete announcement on the IRS website here.

Can I pay advance tax after due date?

How to calculate of Advance Tax? … Therefore, in such cases, it is provided that if any such income arises after the due date of any installment, then, the entire amount of tax payable on such capital gain (after claiming exemption under section 54) shall be paid in remaining installments of Capital Gains which are due.

What is advance tax and due date?

Advance Tax Payable On or before 15th June. 15% of advance tax. On or before 15th September. 45% of advance tax. On or before 15th December.

Is TDS payment date extended?

The date for filing TDS return for February and March have been extended to July 31, 2020. … The March 31 ordinance has enabled provision empowering the central government to further extend due dates to beyond June 30, 2020.