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22/06/2022
Advance Tax – A brief analysisAs the name suggests, it is a tax paid in advance instead of paying lumpsum after the year...
15/06/2022

Advance Tax – A brief analysis

As the name suggests, it is a tax paid in advance instead of paying lumpsum after the year ends.

Hence, it also known as β€œPay as you earn” tax.

Advance Tax has to be paid when you earn income other than salary.

It is only payable when and if the annual income tax payable is more than INR 10,000/-

The due dates of payment of advance tax are as follows :-

15% of tax payable, on or before 15th June
45% of tax payable, on or before 15th September
75% of tax payable, on or before 15th December
100% of tax payable, on or before 15th March

However, if you are opting for presumptive taxation scheme (section 44AD) you can choose to pay 100% of advance tax in one installment on or before 15th March.

Penalty / Interest for non-payment of Advance tax :-

234B – 1% per month if 90% of tax is not paid in advance
234C – 1% per month for late payment

Advance Tax can be paid through challan No. 280

P.S. If you are a Business Owner or Freelancer or Salaried looking for managing your Finances and Taxes, DM me!

I'm looking to help people .

Important To note
26/04/2022

Important To note

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HYDERABAD, WARANGAL, KARIMNAGAR
Hyderabad
505001

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+919063679198

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