Advance Tax Payment Deadline For North Eastern States Extended To Dec. 31: CBDT
Advance tax payments, under direct taxes category, are to be made four times in a financial year.
The Central Board of Direct Taxes on Monday issued an order extending till Dec. 31 the deadline for paying third installment of advance tax payments for northeastern states in view of the internet clampdown due to protests there against the amended Citizenship Act.
The set deadline was Sunday, Dec. 15.
"Considering the large-scale disruption of Internet services in northeastern states-- Assam, Tripura, Arunachal Pradesh, Meghalaya, Nagaland, Manipur, and Mizoram- the Central Board of Direct Taxes, in exercise of powers conferred under clause (a) of sub-section (2) of section 119 of the Income-tax Act, 1961, has decided to extend the last date for payment of December installment of advance tax for financial year 2019-20, from Dec.15, 2019, to Dec. 31, 2019, in case of all assessees, corporate and other than corporates, in the above-mentioned states," the notification issued on Monday said.
As per section 208 of the I-T Act, every person whose estimated tax liability for the year is Rs 10,000 or more, is supposed to pay his tax in advance, in the form of advance tax.
Advance tax payments, under direct taxes category, are to be made four times in a financial year-- June 15 (15 percent of advance tax), Sept. 15 (45 percent of advance tax paid), Dec. 15 (75 percent of advance tax paid) and March 15 (100 percent of advance tax paid).
Curfew was relaxed on Monday in Guwahati from 6 a.m. to 9 p.m., with the city limping back to normalcy, following week-long protests over the amended Citizenship Act. Night curfew in Guwahati, however, will continue to be in force even as the situation is other northeastern states is stated to be normal.