People whose annual income is high and even after deducting TDS on the expenses of rent, medical etc., tax is being made more than Rs 10 thousand, then such people must pay their advance tax.
If you have not paid your advance tax yet, then this is your last chance. Today i.e. 15th March 2022 is the last deadline to pay advance tax. After this you will not get a chance to pay advance tax. Explain that advance tax is different from TDS. It is worth noting that according to the tax rules, before the end of every financial year, only those people whose annual tax is more than Rs 10,000 will have to deposit advance tax. The government had fixed the advance tax limit on March 15 for the financial year 2022-2023. If you have not deposited advance tax yet, then today is your last chance.
Who has to pay Advance Tax?
Let us tell you that people whose annual income is high and even after deducting TDS on expenses like rent, medical etc., tax is being generated more than Rs 10 thousand, then such people must pay their advance tax. Along with this, people who do their own work or are freelancers should also deposit their advance tax. For this, calculate the remaining part of your total earning for the year after deducting TDS. Even after this, in case of annual tax of more than 10 thousand, deposit the advance tax immediately.
Advance tax can be paid four times in
a year Let us tell you that the Income Tax Department allows taxpayers to pay advance tax four times in a year. For this, Income Tax has fixed four dates in a year. That is 15 June, 15 September, 15 December and 15 March. You can pay your tax on any of these dates. If you become taxable on rent, capital gains etc., then you can deposit your advance tax by any of these four dates. Keep in mind that if you have not paid the advance tax for this financial year, then you will have to deposit it on June 15 with a penalty of 1% for three months.
These people do not have to pay advance tax
Let us tell you that if after deducting TDS on your annual income, the tax liability is less than 10 thousand rupees, then you do not need to pay any kind of advance tax. Apart from this, if you do not get any kind of extra benefit like rent or capital gain, then there is no need to pay advance tax in such a situation. Keep in mind that you give complete information about your tax in Form 16.
