How to Make Advance Tax Payment
Advance tax is mandated to be paid by individuals having a monthly income, business owners, persons who earn through freelancing etc. Tax payers who have to pay more than Rs. 10000 as tax, after the necessary deductions are mandated to pay advance tax. One category of taxpayers that is exempt is that of citizens above the age of 60 who are not business-owners. Section 44ADA of the Income Tax Act covers the clause for earnings pertaining to advance taxes for salaried individuals. Under this Section, these individuals have to pay their advance tax on or before 15th March of any given financial year. This date can further be extended to 31st March and the payment has to be a one-time payment of the tax as per the mandated income slab. In the same manner, business owners who have to pay advance tax have to pay the sum as a one-time payment on or before 31st March of the current financial year and this date can further be extended to 31st March.
The Income Tax department has mandated the due dates for payment of advance tax. As far as the current financial year is concerned, these dates are mentioned as under:
- For 15% of the advance tax already paid, the due date is on or before 15th June.
- For 45% of the advance tax already paid, the due date is on or before 15th September.
- For 75% of the advance tax already paid, the due date is on or before 15th December.
- For 100% of the advance tax already paid, the due date is on or before 15th March.
These dates are for individual and corporate taxpayers. For business owners who have to pay their advance tax, the due date for paying 100% of the advance tax already paid is on or before 15th March.
HDFC Life offers various saving and investment schemes that are aimed at making your funds grow and towards securing the financial future of your loved ones. For details, click on the mentioned link: https://www.hdfclife.com/savings-plans .
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