This section applies on every person who derived income chargeable to tax other than following:
Dividend income.
Payment to non-resident.
Shipping and air transport income of non-resident, profit on debt.
Salary individual.
Income under final tax regime.
This section does not apply on individual whose taxable income below one million rupees.
In case of company or association of person shall compute the advance tax accordance with the following formula:
A*B/C-D
A is the turnover of the quarter excluding of Sales Tax.
Note: In case turnover is not available for the quarter then shall take one fourth of the last year turnover one hundred and ten percent.
B is the tax assessed of last year.
C is the turnover of the quarter.
D is the tax paid during the quarter.
In case of an individual whose taxable income is more than one million rupees shall compute the advance tax according to the following formula:
A/4-B
A is the tax assessed of the last year.
B is the tax paid during the quarter.
In case of an individual advance tax payable in the following manner:
For first quarter (July to September) 15th of September.
For second quarter (October to December) 15th of December.
For third quarter (January to March) 15th of March.
For fourth quarter (April to June) 15th of June.
In case of association of person and company advance tax payable in the following manner:
For first quarter (July to September) 25th of September.
For second quarter (October to December) 25th of December.
For third quarter (January to March) 25th of March.
For fourth quarter (April to June) 15th of June.
If any Taxpayer made earlier payment of advance tax before due date and payment is less than due amount shall pay difference amount.
In case of company and association of person if amount of last tax assessed not available then Taxpayer pay tax in accordance:
Turnover of the quarter multiply by sec 113 rate
Less tax paid in quarter.
The Taxpayer who has paid advance tax under this section shall be allowed a tax credit for that tax in computing the tax due by taxpayer on the taxable income of the taxpayer for that year.
