What minimum proportion of advance tax is due by 15 June under the ordinary four-instalment schedule in section 408(1) of the Income-tax Act, 2025?
Question and options
What minimum proportion of advance tax is due by 15 June under the ordinary four-instalment schedule in section 408(1) of the Income-tax Act, 2025?
30% of the advance tax payable
12% of the advance tax payable
25% of the advance tax payable
15% of the advance tax payable
Answer and explanation
Correct answer: D - 15% of the advance tax payable
The Table in section 408(1) requires at least 15% of the advance tax by 15 June, 45% by 15 September, 75% by 15 December and the whole by 15 March, each time less what was paid earlier. 25% is not one of the statutory proportions.
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