Advance tax is just like normal tax. The only difference is that instead of paying it once at the end of the year, it has to be paid in 4 installments from time to time. If you also pay advance tax and have not been able to pay it till now, then do this work quickly because you have only 3 days left.
People whose income tax liability is Rs 10,000 or more in a financial year, need to pay advance tax. Advance tax is just like normal tax. The only difference is that instead of paying it once at the end of the year, it has to be paid in 4 installments from time to time. If you also pay advance tax and have not been able to do this work till now due to some reason, then you have only 3 days left to pay it. The last date is 15 March.
When does this tax have to be paid in a year?
Taxpayers have to pay the first installment of advance tax on June 15, in which 15 percent of the estimated tax has to be paid. After this, the second installment has to be paid on September 15, in which at least 45 percent advance tax has to be paid. The third installment has to be paid on December 15. Under this, at least 75 percent of the estimated tax has to be paid. At the same time, the last installment has to be paid on March 15. In this, the taxpayer has to pay at least 90 percent of his estimated tax liability.
Who has to pay advance tax?
People from whose salary TDS is deducted by the employer and who have an extra source of income. They also have to pay advance tax. At the same time, on selling property, shares, mutual funds and other assets, selling any property between March 15 and March 31 or those NRIs who have income source in India also have to pay advance tax. If you come under the purview of advance tax and have not paid 90 percent advance tax by March 31, then you have to pay a penalty of one percent per month on the outstanding tax from April 1 till the submission of ITR.
How will tax be deposited
- To deposit advance tax, you have to go to the website of Income Tax Department. There you have to click on e-pay tax.
- Here you have to enter your PAN number and mobile number linked with Aadhaar-PAN.
- After logging in, you have to select Assessment Year 2025-26. Select Advance Tax in its Type of Payment and click on Continue.
- Now fill your amount and make the payment. You can pay advance tax through net banking, debit card/credit card and UPI.
- After this, your challan will be generated, which you will need at the time of filing ITR.
- Advance tax can also be paid offline. To pay offline, you will have to go to the bank branch and deposit the income tax through challan.
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