Who should pay advance tax?

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

  If you fail to pay the advance tax by 15th March of the previous year, you will be liable to pay interest as per section 234C.

• 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 ...

• 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. ...

• If I adopt the presumptive taxation scheme of section 44AD, then am I liable to pay advance tax on income from business covered under section 44AD?

  You are not required to pay advance tax in all the four quarters of a financial year but you are required to pay advance tax only once i.e. on or before 15th March of a financial year. However, any amount paid by way of advance tax on or before 31st ...

• 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 ...