Question

    An assessee is required to deposit how much % of advance

    tax liability on or before 15th June?
    A Not less than 15% Correct Answer Incorrect Answer
    B Not less than 25% Correct Answer Incorrect Answer
    C Not less than 30% Correct Answer Incorrect Answer
    D Not less than 45% Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Advance tax is payable in instalments in following manner Due date of instalment Amount payable On or before 15th June Not less than 15% of advance tax liability On or  before  15th September Not less than 45% of advance tax liability, as reduced by the amount, if any, paid in the earlier instalment. On or  before  15th December Not less than 75% of advance tax liability, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments. On or before 15th March The whole amount of advance tax liability as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments.

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