Advance Tax

Advance Tax

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Advance Tax - Process, Procedure, Document Required, Fees, Eligibility, Duration

Advance tax is the process of paying taxes in advance rather than paying a lump-sum amount at the year-end. Advance tax, also called as earn tax, can be paid in installments according to the due dates determined by the income tax department. According to Income Tax Act in India, a taxpayer requires to pay advance tax if his or her tax liability is Rs 10,000 or more in a fiscal year.

Advance tax means paying your income taxes before the end of the fiscal. If your tax liability exceeds Rs 10,000 in a financial year then you must pay this tax. The advance tax must be paid in the same year in which you have received your income. This tax can be paid through tax payment receipt at bank branches which are certified by the Income-tax department. Advance tax can be paid in installments with 15 percent on or before 15th June, 45 percent on or before 15th September, 75 percent on or before 15th December, and 100 percent of needs to be paid on or before 15th March.

Know benefits of advance tax

Every Indian citizen is liable to pay tax if his or her income falls under the Income Tax bracket. Mention below is some benefits of paying advance tax.

  • Advance tax eases the burden of paying tax at the last moment.
  • It helps in lessening the stress that a taxpayer may experience while making tax payments at the end of the financial year.
  • The advance tax also saves individuals from failing to make their tax payments.
  • It helps in increasing the funds of the government as the government gets interests in the tax collected.

Advance Tax - Get Expert Advice

Advance Tax - Get Expert Advice

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Advance Tax Frequently Asked Questions

There are certain criteria that you will have to fulfill to pay advance tax. However, senior citizens are exempted to pay advance tax. Mentioned below are the criteria to pay Advance tax: • Any persons whose tax liability is more than Rs.10, 000 can pay advance tax. • Any salaried or self-employed individual is liable to pay advance tax. • A person who receives income through capital gains on shares must pay tax. • Individuals who earn interest from fixed deposits. • Any person who earns money from a lottery. • Individuals who earn rent or income from house property can pay advance tax.
Steps to calculate advance tax Follow the steps below to calculate your advance tax: • Create an estimate of the total income earned by you excluding your salary. • Deduct all expenses from your income, such as travel expenses, phone costs, medical insurance premiums, etc. • Now, calculate other income that you acquired other than your salary. This includes interest from lottery earnings, house rent, fixed deposits, etc. • If the total amount of tax calculated exceeds Rs 10,000, then you are eligible to pay advance tax.
Advance tax payment can also be done using challan, just like regular tax payment. Various banks permit you to pay advance tax using challans. Advance tax can also be paid online. Our professional experts at Credence Corporate Solutions help you through the entire process of tax payment. Mentioned below are the steps that will help you to pay advance tax via online mode: • First, visit the government's official website ( to pay advance tax online. • Select the correct challan form that is ITNS 280, ITNS 281, ITNS 282, or ITNS 284 as applicable to pay your advance tax. • Next, fill in the details of your PAN card along with other important information like your residential address, e-mail address, phone number, and bank name. • Now, you will be redirected to the net-banking page of the portal, once you have submitted all the details • Lastly, you will get all the information about your payment. Fill in all the payment details and successfully pay your advance tax online.

Advance Tax Important Due Dates

Ask Questions about Advance Tax

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Get Free Consultation on Advance Tax

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