Advance Tax Payment extended from 15th March to 18th March 2014

Date of Payment of Final Installment of Advance Tax Extended from 15th March to 18th March 2014

The Final Installment of Advance tax for Financial Year 2013-14 is required to be paid on or before 15th March, 2014 by the tax payers who are liable to pay advance tax. These taxpayers can make payments in the designated branches of the authorized banks, electronically or physically, as per law. The banks are open for half day on 15th March, 2014, being a Saturday. Accordingly, to facilitate payment of this installment of Advance tax for the Financial Year 2013-14, the Central Board of Direct taxes (CBDT) has issued an order to extend the time limit to make such payments of Advance Tax, from 15th March, 2014 to 18th March, 2014. Taxpayers, therefore, can now pay their advance tax installment by Tuesday, 18th March, 2014 without entailing any consequential interest for deferment. View the PIB Release

Revision of Interest Rates for Small Savings Schemes for the Financial Year 2014-15 Announced

Various decisions taken by the Government of India on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), were communicated to all concerned by the Government through its Office Memorandum dated 11^th November, 2011.

            One of the decisions of the Government based on the recommendations of the Committee relates to revision of interest rates every financial year, to be notified before 1^st April of that year.  Accordingly with the approval of the Finance Minister, the rates of interest on various small savings schemes for the Financial Year 2014-15 effective from 01.04.2014, on the basis of the interest compounding/payment built-in in the schemes, shall be as under :

Scheme	Rate of interest w.e.f.01.04.2013	Rate of Interest w.e.f. 01.04.2014
1.	2.	3.
Savings Deposit	4.0	4.0
1 Year Time Deposit	8.2	8.4
2 Year Time Deposit	8.2	8.4
3 Year Time Deposit	8.3	8.4
5 Year Time Deposit	8.4	8.5
5 Year Recurring Deposit	8.3	8.4
5 Year SCSS	9.2	9.2
5 Year MIS	8.4	8.4
5 Year NSC	8.5	8.5
10 Year NSC	8.8	8.8
PPF	8.7	8.7

       The necessary notifications will be notified separately in this regard in due course.