Take This Quiz & Predict Your Score in the coming CA CS or CMA Exam!
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

First instalment for FY 2015-16 is due on 15th September

Advance Tax: first instalment for FY 2015-16 is due on 15th September

If you expect your total tax dues to exceed Rs 10,000 in financial year 2015-16, advance tax rules may apply to you. What this means is that instead of paying lump sum taxes, your taxes must be paid at regular intervals. These intervals are as per the advance tax payment schedule of the Income Tax Department.

The first instalment is payable on 15th September where 30% of your tax liability must be paid.

If you are salaried – TDS deductions by your employer take care of this requirement. However, if you have a large income from interest or house property income, which the employer may not know of – you must pay advance tax. Having an additional large income which is not subjected to TDS increases your annual tax liability, thereby making advance tax applicable to you.

In situations where TDS has already been deducted – it’s likely you fall in a higher slab rate. This may be true for freelancers or professionals who run their own businesses. Advance tax rules almost always apply to them – usually clients don’t deduct TDS or if they do its lower than the slab applicable to your total income.

To pay 30% of your liability you’ll have to estimate your annual total income for the year. Include all sources and make calculations of your total tax dues just like you do for your tax return.

Gross total income (Income from 5 heads of income)

Less: Deductions under section 80

Total expected income

Calculate tax (including cess) on this income

And pay 30% of it before 15th September.

Do note that non-payment of advance tax attracts interest under section 234B and 234C.

Exception – When you have earned capital gains during the year, it’s hard to estimate your advance tax liability accurately. In such cases you can catch up on any shortfalls in the remaining instalments and no interest under section 234B or 234C shall be levied.

Advance Tax: first instalment for FY 2015-16 is due on 15th September



At CAKART you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit and chat with our counsellors any time. We are happy to help you make successful in your exams.

Click here to download FREE CA CS CMA books.

Leave a comment

Your email address will not be published. Required fields are marked *