What will happen if I don’t pay advance tax?

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• What is Advance Tax?

  Advance tax is income tax paid in advance instead of lump sum payment at year end. The purpose is to collect tax as income is generated, and hence is popularly known as ‘pay as you earn’ tax. The I-T Dept. provides the due dates before which you need ...

• Who should pay advance tax?

  Any person having a tax liability of more than ₹10,000 in a financial year after deduction of TDS, has to pay advance tax. Advance tax must be paid by all taxpayers; salaried, freelancers, and businesses. Businessmen and professionals who have opted ...

• How do I pay Self-Assessment Tax or Advance Tax to the government?

  Self Assessment Tax or Advance Tax is to be credited to the Government by using the challan prescribed in this behalf, i.e., ITNS​ 280. The Challan can be downloaded from here. You can then pay the tax via designated banks through physical mode, i.e. ...

• Advance/Self Assessment Tax

  Advance tax - It is the Tax amount paid by you on or before the 31st of March,19. Self assessment tax - It is the tax amount paid by you after 31st march,2019 and before filing income tax return.  For Advance/Self Assessment Tax you will have to ...

• Is there a penalty for not paying advance tax?

  Yes, interest will be levied under 234B and 234C of the Income tax Act, 1961 in case of non- payment of advance tax.