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A person whose estimated tax legal responsibility for the 12 months is ₹10,000 or extra is required to pay advance tax. The advance tax cost might be made in 4 instalments within the monetary 12 months. So, the final date for fourth instalment of advance tax falls on Monday.

What are the penalties?

In case of failure to make the advance tax cost, the taxpayer can be responsible for curiosity underneath Part 234B and 234C for default in cost of advance tax. Below Part 234B, curiosity can be levied if the taxpayer has not deposited advance tax or if the advance tax deposited is lower than 90 per cent of the whole tax legal responsibility. The taxpayer can be responsible for curiosity underneath Part 234B at 1 per cent per 30 days or a part of the month from April until the date of cost of tax. Additionally Learn: 5 IPOs This Week: From Craftsman Automation To Nazara Applied sciences, Corporations Count on To Increase Over ₹3,700 Crore. Verify Particulars

Below Part 234C curiosity can be payable if advance tax paid in any instalment(s) is lower than prescribed proportion of instalment quantity.

Alternatively, curiosity underneath Part 234C can be levied at 1 per cent or a part of the month for the interval of default. The interval of default is three months in case of shortfall in cost of 1st, 2nd and third instalment and for one month in case of shortfall of final instalment.

Nonetheless, a senior citizen (a person of age 60 years or above), not having revenue from enterprise or career just isn’t liable to pay advance tax.

How you can file Advance Revenue Tax?

  • Firstly, log in to the official web site of Revenue Tax division and go to the e-payment facility.
  • Then choose the precise type for the funds of Advance Tax. Keep in mind the shape is ITNS 280 for people.
  • Be certain to fill within the appropriate code for Advance Tax and different deails together with identify, tackle, PAN, cell quantity, and many others.
  • Then click on on proceeds which is able to direct you to a cost gateway or web banking web page. Make the cost.
  • Lastly, make the cost which is able to generate a receipt known as Challan 280 within the subsequent display screen. Keep in mind to avoid wasting copy of the receipt.
  • If you wish to pay offline, then use tax cost challans (challan no. 280) at financial institution branches authorised by the Revenue Tax Division.


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