Enquire Now

    Advance Tax Filing

    Home Advance Tax Filing

    Advance Tax Filing

    Individuals who have sources of income other than their salary must pay advance tax. This applies to rent, capital gains from stocks, fixed deposits, lottery prizes, and so on. It is possible to pay it online or through specified banks.

    Advance tax is also referred to as the ‘Pay as you Earn’ plan. If your tax burden exceeds Rs.10,000 in a fiscal year, you must pay the tax. The tax must be paid in the same year as the income is received.

     501 Total Views

    Our Process

    Advance Tax Filing

    Any due refund earns you interest of roughly 0.5% per month or 6% per year, as in the case of an income tax rebate. However, if the advance tax is not paid on time, you will be taxed 1% per month or 12% per year.

    The advance tax is due before the fiscal year closes.

    Advance tax can be paid at authorised Income Tax Department bank branches using tax payment challans. Deposits can be made at authorised banks such as ICICI Bank, Reserve Bank of India, HDFC Bank, Syndicate Bank, Allahabad Bank, State Bank of India, and others.

    Another method of paying advance taxes is through the Income Tax Department’s online tax payment website or the National Securities Depository.

    • Bank account number, bank name, IFSC details, etc.
    • Aadhaar number
    • PAN number
    • Details of investments made for tax-saving purposes
    • Details of any income from other sources
    • Details of any deductions availed
    • Tax payment Challan in case of advance tax paid or self-assessment

      Online Payment

      • Navigate to the TIN NSDL e-payment portal and choose Challan 280.
      • Select the applicable tax as (0021) Income Tax (Other than Companies). Later, select (100) Advance Tax as the payment type.
      • Choose the manner of payment and the name of your bank from the drop-down menus.
      • Enter your PAN and other information, such as your email address and phone number.
      • After selecting the Assessment Year, input the captcha and press the Proceed button.
      • Check the information you submitted and click Submit.

      Offline Payment

      • Go to a bank branch and request the necessary tax payment challan form (Challan 280). (in this case).
      • Fill in the form’s essential information. The information requested in the form is the same as that required in the online form.
      • Go to the appropriate bank’s counter and hand in the completed Challan 280 form together with the money.
      • Tax payments can be made in cash or by check. When you hand over the money and the challan, the bank employee will provide you with a receipt by tearing off a section of the challan, filling in payment data, and stamping it.
    When submitting my ITR, how can I declare the amount of Advance Tax Paid?
    In the Prepaid Taxes area of the ITR form, insert the amount of Advance Tax alongside TDS.
    Yes, only resident senior citizens who do not have a business or professional income are exempt from advance tax liability.
    If the advance tax paid exceeds the overall tax liability, the excess will be returned. If the advance amount exceeds 10% of the tax liability, the IT Department will pay 6% p.a. interest.
    If your bank does not have an online payment facility or is not an authorised bank, you can pay taxes electronically from the account of any other person who has an account with an authorised bank that has an online payment facility.

    Exemption from Making Advance Tax Payments

    • Senior citizens above the age of 60 are excused from paying the advance tax.
    • Salaried people who fall under the TDS net are exempt from paying the advance tax. Any earnings from sources such as interest, capital gains, rent, and other non-salary income, on the other hand, will be subject to advance tax.
    • If the TDS deducted exceeds the tax payable for the year, the advance tax is not required.