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Apply NowOur income in a Financial Year (FY) gets taxed in the assessment year (AY), which follows the Financial Year. For example, our total income earned in the FY 2021-22 (1st April 2021 – 31st March 2022) will be taxed and assessed in the AY 2022-2023 (1st April 2022 – 31st March 2023).
Section 208 of the Income Tax Act, 1961 mandates the payment of “advance tax” for every individual whose tax liability for a certain financial year is more than or equal to ₹10,000. However, resident senior citizens, i.e., individuals aged 60 years or above during the relevant financial year, are exempt from paying advance tax.
An important detail when paying advance tax is that an individual whose tax liability is above ₹10,000 is supposed to pay it in the same financial year by calculating the total income they will earn in the entire financial year. Based on this calculation, one can estimate whether they need to pay advance tax and, if yes, can estimate the amount to be paid.
Several factors go into calculating an individual’s advance tax. These include their net taxable income, income tax, surcharge, education cess, secondary and higher education cess, their total tax liability, relief, and Tax Deducted at Source (TDS)/ Tax Collected at Source (TCS) / Minimum Alternate Tax (MAT).
The Income Tax Department’s website helps you compute your advance tax using an online calculator if you have these details handy. If you aren’t sure about some of these details, you can still calculate your income tax yourself.
There is a fixed timeline to be followed to make your advance tax payments. 15% of your advance tax is payable on or before 15th June of the current FY. 45% of it should be paid on or before 15th September and increases to 75% on or before 15th December. The deadline is 15th March, by when you should have completed your advance tax payment.
Hence, if your total advance income tax liability is ₹1,00,000, ₹15,000 should be paid by 15th June, ₹45,000 by 15th September, ₹75,000 by 15th September and ₹1,00,000 by 15th December.
To pay advance tax, the Challan No is the form that you will need to fill out on these dates. ITNS 280 form. You will be required to provide your PAN details, select the correct AY, and select the type of payment. After you make this payment, a Challan Identification Number (CIN) will be provided to you. It must be preserved and produced while filing Income Tax returns.
Generally, we earn an income in the current FY and pay income tax in the upcoming AY. However, this isn’t the case with advance tax.
No. A penalty is levied in the form of interest under Sections 234B and 234C of the Income Tax Act upon missing the payment dates of advance tax.
Yes. You can pay advance tax online by visiting the Income Tax Department’s official website. IDFC FIRST Bank can also help make your income tax filing process uncomplicated and hassle-free. You can pay income tax online by filling out the relevant forms and selecting the respective challan on our site.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.