Indore : The Income Tax Department is all set to take action after September 15, if the tax payers fail to pay their second quarter advance tax on or before the due date. If one pays the tax after September 16, he will have to deposit the advance tax with 3 percent interest.

As the last date of payment of advance tax of quarter-2 September 15 is coming closer, the department is also eyeing on them. Chief Commissioner of Income Tax Indore region VK Mathur told Free Press that we have chalked out our strategy to target the tax dodgers, who fails to pay the advance tax even after the due date. It may be noted that as per the section 44 AD of the Income Tax Act the traders, manufacturers, retailers, whole sellers, job workers which annual turnover is less than Rs 1 crore and pensioners they are not liable to pay the advance tax. But, all those traders, manufacturers, whose income or turnover is more than Rs 1 crore are liable to pay the advance income tax of Q-2 by September 15, 2014.

Tax consultant CA Rajesh Mehta said that commission agents are also liable to pay the advance income tax by September 15, 2014 irrespective to their turnover whether it is above or below Rs 1 crore. CA Mehta said that Professional including doctors and engineers whose income is more than Rs 25 even after the deduction of TDS and taxable amount is more than Rs 10,000 they also have to pay the advance income tax of Q-2 by September 15. CA Mehta clarifies that though, they can pay the advance tax even after September 15 to December 15, but they will have to pay 3 percent interest on taxable amount, even if they pay the advance tax on September 16 or December 15, 2014.

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Free Press Journal