What will happen if you don’t pay advance tax before March 15? How to pay advance tax online? Know all the answers of your queries over here.
Have you made an advance tax payment? If not, pay it urgently as the last installment deadline to pay advance tax is March 15.
What will happen if you don’t pay advance tax before March 15? How to pay advance tax online? Know all the answers of your queries over here.
Read More: Received a tax mismatch notice from the IT department? Here is how to set it right
What Is Advance Tax?
Rather than the single lump sum amount when you need to pay the tax as per specific due dates allotted by the income tax department it is referred as an Advance tax.
Both individuals and businesses are liable to pay income tax in advance according to these due dates.
Advance Tax Payments Deadlines
- June 15: One needs to pay 15% of the advance tax.
- September 15: One needs to pay 45% of the advance tax, subtracting in case any amount is already paid.
- December 15: Pay 75% of the advance tax, subtracting the amount already paid.
- March 15: Pay the remaining balance of the advance tax, subtracting the amount already paid.
Read More: Advance Tax Payment: Last Date, Applicability, Tax Considerations – Here’s all you need to know
Who has to pay advance tax?
Any person whose tax liability, after reducing TDS and TCS, exceeds ₹10,000, is required to pay advance tax in four installments. If you have already paid advance taxes as per above mentioned due dates you only need to pay the remaining balance today i.e. on March 15.
If you haven’t paid advance tax on earlier installment due dates, then today you can settle the entire amount of advance tax by filing it with the IT department.
Read More: Updated ITR: Deadline to file updated returns for FY21 is March 31. Check how to file
How To Pay Advance Tax Online
- Go to the income tax department website.
- Select ‘e-pay tax.’
- Enter your PAN and password created by you.
- Click on “Advance Tax” and choose the preferred payment method you wish to pay.
- Complete the payment by clicking the “Pay Now” button.
- Once the payment is processed, you’ll receive a receipt as confirmation of your payment.
