Due date of Advance Tax Payment for corporate assessees for 1^st quarter is on 15^th June 2013

Advance tax payment is a system of staggered payment of taxes in order to avoid lumpy liabilities towards the end of the fiscal. It is also considered as a barometer of the company’s performance for the reporting period. Please note that 1^st quarter payment due date of advance tax has come nearer on 15^th June 2013 for all the corporate assessees. Payment Liability:- Payment liability of the advance tax for the 1^st quarter for the corporate assessee is 15% of total estimated income for the financial year 2013-14. Total estimated income should be based on the information of income of past year and possible revenue increase of the coming period up to 31^st March 2014. Payment Procedure:- To pay the advance tax of a concern for the 1^st quarter within 15^th June 2013 one needs to visit to the tin website and do the needful. If some organizations do not have experts who can pay the advance tax then they can take help of Professional experts. Failure to pay the 1^st quarter of advance tax:- If a concern fails to pay the 1^st quarter of their advance tax due for the financial year 2013-14 within 15^th June 2013 then it would be penalized by 1% interest per month on the deficit amount. Please Note:- If advance tax is paid by the company on its current income on or before the 15^th day of June not less than 12% on the tax due on the returned income, then it shall not be liable to pay any interest on the amount of the shortfall on those dates.