Challan 280 Fill in Excel Format

By | November 27, 2014
Challan 280:To deposit self assessment tax ,advance tax and tax demand on regular assessment etc.
Cut off Amount
if the tax payable is Rs. 10,000 or more(after taking tds in consideration), then the tax is paid in the previous year itself. In other words, payment of tax is not allowed to be deferred to the assessment year. Perhaps the motive of government is to collect the big amount of tax at the earliest.So Advance Tax is payable only if net tax payable on the estimated Income of the full Financial year is Rs 10000 or more.if Tax payable is less than Rs 10000 then no Advance tax is payable.Surcharge, education and higher education cess should also be considered while calculating the advance tax liability

Who is responsible to pay Advance Tax
The provisions of advance tax are applicable on all types of persons irrespective of the residential status of the person. The advance tax is paid in the previous year itself. Thus, the tax is paid in the year of earning of income, in other words the earning of income and payment of tax goes simultaneously. Thus, the tax is paid as income is earned. This scheme of advance payment of tax is also called pay as you earn scheme, i.e., pay tax as you earn income.

Due date to Pay advance Tax

Advance tax is paid by the all persons, both corporate assessee (company assessee) and non-corporate assessee (other than non-corporate assessee). The advance tax is to be paid in the following installments on the following dates:
For Non-Corporate Assessee

On or before 15 September – not less than 30% of tax payable
On or before 15 December – not less than 60% of tax payable
On or before 15 March – not less than 100% of tax payable

For Corporate Assessee

On or before 15 June – not less than15% of tax payable
On or before 15 September – not less than 45% of tax payable
On or before 15 December – not less than 75% of tax payable
On or before 15 March – not less than 100% of tax payable

Since, the actual tax and actual income can be computed only after completion of the year therefore, the income is estimated at different due dates mentioned above.The tax on such estimated income is computed and percentage of the tax as mentioned above is payable by the assessee at different due dates.

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