{"id":266275,"date":"2024-10-04T10:54:47","date_gmt":"2024-10-04T10:54:47","guid":{"rendered":"https:\/\/imarticus.org\/blog\/?p=266275"},"modified":"2024-10-08T07:10:17","modified_gmt":"2024-10-08T07:10:17","slug":"advance-tax","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/advance-tax\/","title":{"rendered":"Understanding Advance Tax: What Is It and Who Is Liable to Pay?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Tax payment is often considered a yearly ritual during filing Income Tax Returns (ITR). On the contrary, it is a continuous process. Advance tax is just one aspect of it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Advance tax is payable by individuals on income sources beyond their salary. These sources include but are not limited to fixed deposits, rent, capital gains from shares, lottery wins, profits from business or profession, and income from other sources. It is a financial obligation that certain businesses or individuals have towards the Indian government.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A portion of the annual tax liability is paid in advance - like an EMI -\u00a0 instead of making a lump sum payment at the end of the financial year. Taxpayers must pay on the due dates mentioned by the Income Tax Department. Late payment of advance tax can attract interest under Section 234B and 234C of the Income Tax Act, 1961. Let\u2019s understand what advance tax is, who should pay it, and how to pay the tax amount.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is advance tax<\/span><span style=\"font-weight: 400;\">?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Advance tax is not just a financial obligation, it's a proactive approach to paying taxes. Also known as the \u2018pay as you earn tax\u2019, it empowers you to manage your tax liabilities by paying in instalments throughout the year, in the same year the income is generated.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Taxpayers, with income exceeding Rs. 10,000 in a financial year (after subtracting TDS) have to pay <\/span><span style=\"font-weight: 400;\">advance tax<\/span><span style=\"font-weight: 400;\"> amounts in instalments on specified dates by the Income Tax Department.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Advantages of paying advance tax<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you are wondering, \u2018How is paying this tax amount beneficial\u2019, let me break it down for you. Here are a few advantages of paying <\/span><span style=\"font-weight: 400;\">advance tax<\/span><span style=\"font-weight: 400;\">:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Paying the tax amount will reduce taxpayer\u2019s stress. You will not have to worry about money shortages or tax payments at the last moment.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is a great way to save taxpayers from defaulting on their tax payments.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Businesses can manage their finances better and have a clearer picture of what they have earned in revenue.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Who is liable to pay advance tax<\/span><span style=\"font-weight: 400;\">?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The people who are liable to pay advance tax are:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Taxpayers:<\/b><span style=\"font-weight: 400;\"> Individuals owing more than Rs. 10,000 in taxes, after deduction of TDS, in a financial year need to pay advance tax. This includes all categories of taxpayers including salaried professionals, freelancers, and senior citizens.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Senior citizens: <\/b><span style=\"font-weight: 400;\">People over 60 years of age who don\u2019t own an enterprise are not liable to pay the <\/span><span style=\"font-weight: 400;\">advance tax<\/span><span style=\"font-weight: 400;\">. <\/span><b>\u00a0<\/b><\/li>\n<li aria-level=\"1\"><b>Presumptive income of businesses: <\/b><span style=\"font-weight: 400;\">People who opt for the presumptive tax rule under Section 44AD, which is a simplified taxation scheme for small businesses, are liable to pay the entire advance tax on or before 15th March<\/span><\/li>\n<li aria-level=\"1\"><b>Independent professionals: <\/b><span style=\"font-weight: 400;\">Professionals like architects, lawyers, doctors, etc., who choose the presumptive taxation scheme under advance tax Section 44ADA fall under this category. They must pay the total advance tax in a single instalment on or before 15th March. They also have the option to pay it on or before 31st March.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Learn more about the <\/span><span style=\"font-weight: 400;\">advance tax provisions<\/span><span style=\"font-weight: 400;\"> by enrolling in Imarticus\u2019 <\/span><a href=\"https:\/\/imarticus.org\/postgraduate-financial-accounting-and-management-program\/\"><span style=\"font-weight: 400;\">financial accounting course<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Advance tax payment dates\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Advance tax payment dates for salaried individuals and companies\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Due date for tax payment\u00a0<\/b><\/td>\n<td><b>Amount of tax payable\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">On or before 15th June\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">On or before 15th September\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">On or before 15th December\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">75%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">On or before 15th March\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">100%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Advance tax payment dates for business owners and self-employed:\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Due date\u00a0<\/b><\/td>\n<td><b>Amount of tax payable\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">On or before 15th September\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">On or before 15th December\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">On or before 15th March\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">100%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Forms needed in advance tax payment\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Taxpayers have to fill out the <\/span><a href=\"https:\/\/www.drsmcpl.in\/images\/downloads\/Challan%20280.pdf\"><span style=\"font-weight: 400;\">Challan No. ITNS 280<\/span><\/a><span style=\"font-weight: 400;\"> on every due date. Here is a list of details or documents needed for Challan No. ITNS 280:\u00a0<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>PAN card details: <\/b><span style=\"font-weight: 400;\">You will have to carefully input your PAN details. This is to make sure that your money is not being deposited in someone else\u2019s name.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Assessment year: <\/b><span style=\"font-weight: 400;\">Choose the correct assessment year for which you want to pay the tax since the amount will be going out in advance for the upcoming financial year.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Select the kind of payment: <\/b><span style=\"font-weight: 400;\">Taxpayers need to choose the type of payment in the challan. If you are paying the tax for the same financial year depending on the estimated income - it\u2019s advance tax. Whereas, if it is paid post the end of the financial year - it\u2019s a self-assessment tax.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A CIN or Challan Identification Number will be issued upon completion of the payment. It would help to note this number since you'll need it when filling out ITR.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to pay advance tax online?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here is a step-by-step explanation of how you can pay <\/span><span style=\"font-weight: 400;\">advance tax<\/span><span style=\"font-weight: 400;\"> online:\u00a0<\/span><\/p>\n<p><b>Step 1: <\/b><span style=\"font-weight: 400;\">Go to the <\/span><a href=\"https:\/\/eportal.incometax.gov.in\/iec\/foservices\/#\/login\"><span style=\"font-weight: 400;\">e-filling portal<\/span><\/a><span style=\"font-weight: 400;\"> of the IT Department of India.\u00a0<\/span><\/p>\n<p><b>Step 2: <\/b><span style=\"font-weight: 400;\">From \u2018Quick Links\u2019 on the left side of the page, select the \u2018e-pay Tax\u2019 option.\u00a0<\/span><\/p>\n<p><b>Step 3: <\/b><span style=\"font-weight: 400;\">Provide your PAN details and mobile number. Click on \u2018Continue\u2019.\u00a0<\/span><\/p>\n<p><b>Step 4:<\/b><span style=\"font-weight: 400;\"> You will receive an OTP to confirm your mobile number. Fill it out and click on \u2018Proceed\u2019.\u00a0<\/span><\/p>\n<p><b>Step 5: <\/b><span style=\"font-weight: 400;\">Select the first tab with the \u2018Income Tax\u2019 option, followed by \u2018Continue\u2019.\u00a0<\/span><\/p>\n<p><b>Step 6: <\/b><span style=\"font-weight: 400;\">Choose the \u2018Assessment Year\u2019.\u00a0<\/span><\/p>\n<p><b>Step 7: <\/b><span style=\"font-weight: 400;\">Select the \u2018Type of Payment\u2019 as \u2018Advance Tax (100)\u2019. Press \u2018Continue\u2019.\u00a0<\/span><\/p>\n<p><b>Step 8: <\/b><span style=\"font-weight: 400;\">Fill in all the details about the tax amount.\u00a0<\/span><\/p>\n<p><b>Step 9: <\/b><span style=\"font-weight: 400;\">Select the relevant mode of payment, bank, and \u2018Continue\u2019.\u00a0<\/span><\/p>\n<p><b>Step 10: <\/b><span style=\"font-weight: 400;\">Get a preview of your challan and press \u2018Pay Now.\u2019\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you have made the payment, you will receive an acknowledgement on your screen. Note down the BSR code and challan number (from the challan\u2019s right side) because you will need that when filing for tax returns.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How is <\/span><span style=\"font-weight: 400;\">advance tax<\/span><span style=\"font-weight: 400;\"> calculated?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Indian citizens pay taxes applicable as the income tax slabs. To find out how much advance tax you need to pay, you must calculate your total income and determine the tax liability according to the tax slab.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Follow the given steps to calculate advance tax:\u00a0<\/span><\/p>\n<p><b>Step 1: <\/b><span style=\"font-weight: 400;\">Calculate the gross total income - add incomes from salaries, properties, fixed deposits, businesses and other sources.\u00a0<\/span><\/p>\n<p><b>Step 2: <\/b><span style=\"font-weight: 400;\">From this amount, subtract the applicable Chapter VIA deductions.\u00a0<\/span><\/p>\n<p><b>Step 3: <\/b><span style=\"font-weight: 400;\">If applicable, calculate the rebate under Section 87A and reduce the amount.\u00a0<\/span><\/p>\n<p><b>Step 4: <\/b><span style=\"font-weight: 400;\">If there are any surcharges, add them. Also, add the education and health cess.<\/span><\/p>\n<p><b>Step <\/b><span style=\"font-weight: 400;\">\u00a0<\/span><b>5: <\/b><span style=\"font-weight: 400;\">This is your total income.\u00a0<\/span><\/p>\n<p><b>Step 6: <\/b><span style=\"font-weight: 400;\">Calculate the tax payable on the net income based on the applicable tax slab.\u00a0<\/span><\/p>\n<p><b>Step 7: <\/b><span style=\"font-weight: 400;\">Deduct TDS and you will be able to get your total income tax liability.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This tax amount is divided into instalments called advance tax. You pay according to the percentage and dates mentioned above.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Interest on late payment<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let\u2019s face it - it is not always possible to keep up with all tax payments and their due dates. Remembering all the <\/span><span style=\"font-weight: 400;\">advance tax provisions<\/span><span style=\"font-weight: 400;\"> is a hassle, and people are late in making these payments. In case you are late on your advance tax payments, here is what will happen:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span style=\"font-weight: 400;\">Interest paid under section 234B\u00a0<\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">According to <\/span><span style=\"font-weight: 400;\">advance tax Section<\/span><span style=\"font-weight: 400;\"> 234B, you need to pay at least 90% of your total taxes with advance tax or TDS by 31st March. If you fail to pay the amount, you will incur interest charges at a rate of 1% on the unpaid amount.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span style=\"font-weight: 400;\">Interest paid under Section 234C\u00a0<\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Under Section 234C, you will need to pay the following charges on late payments:\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Instance\u00a0<\/b><\/td>\n<td><b>Interest rate\u00a0<\/b><\/td>\n<td><b>Duration of interest\u00a0<\/b><\/td>\n<td><b>Basis for interest calculation\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">advance tax<\/span><span style=\"font-weight: 400;\"> amount paid by 15th June is less than 15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1% each month\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3 months\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15% of the total amount - tax paid before 15th June<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The advance tax amount paid by 15th September is less than 45%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1% each month\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3 months\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45% of the total amount - tax paid before 15th September<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The advance tax amount paid by 15th December is less than 75%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1% each month\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3 months\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">75% of the total amount - tax paid before 15th December<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The advance tax amount paid by 15th March is less than 100%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1% each month\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3 months\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">100% of the total amount - tax paid before 15th March<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span style=\"font-weight: 400;\">Summing up\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Understanding and complying with the <\/span><span style=\"font-weight: 400;\">advance tax provisions<\/span><span style=\"font-weight: 400;\"> is important to avoid any last-minute monetary burdens or penalties. Paying advance tax has removed the constraints of making lump sum payments at the end of the financial year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Taxes can be difficult to understand. But if you find it interesting, why not use it to your advantage? Check out the <\/span><a href=\"https:\/\/imarticus.org\/postgraduate-financial-accounting-and-management-program\/\"><span style=\"font-weight: 400;\">Postgraduate Financial Accounting and Management Programme<\/span><\/a><span style=\"font-weight: 400;\"> by Imarticus. Taught by industry experts, the course has been curated to help you become a financial expert. Accelerate your career with assistance from industry leaders.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Frequently Asked Questions\u00a0<\/span><\/h3>\n<p><b>Do NRIs have to pay <\/b><b>advance tax<\/b><b>?\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If the income of an NRI in India exceeds the basic exemption limit, they need to pay advance tax. This tax is liable on the income made in the country.\u00a0<\/span><\/p>\n<p><b>What will happen if the amount of advance tax paid exceeds the tax liability?\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If someone has paid more than the total tax liability, no need to worry. You will be eligible for a tax refund. You can claim this refund using Form 30. You can claim a deduction as per Section 80C when calculating your advance tax due.\u00a0<\/span><\/p>\n<p><b>Can I pay the <\/b><b>advance tax<\/b><b> amount offline?\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Yes, you can make the payment by visiting your nearest bank branch. You will have to fill out a physical copy of Challan 280 and make the payment.\u00a0<\/span><\/p>\n<p><b>What is self-assessment tax<\/b><b>?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Self-assessment tax is the amount taxpayers pay on income after removing advance tax and TDS. People who file income tax returns are liable to pay this tax amount beforehand. There are no deadlines for the payment of this tax. You can pay the self-assessment tax from the e-filling portal itself.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax payment is often considered a yearly ritual during filing Income Tax Returns (ITR). On the contrary, it is a...<\/p>\n","protected":false},"author":1,"featured_media":266276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[22],"tags":[4849],"pages":[],"coe":[],"class_list":{"0":"post-266275","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"tag-advance-tax"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding Advance Tax: What Is It and Who Is Liable to Pay?<\/title>\n<meta name=\"description\" content=\"Are you wondering if you are liable to pay advance tax? Keep reading to find out. 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Keep reading to find out. This blog discusses everything you need about advance tax payments.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/imarticus.org\/blog\/advance-tax\/","og_locale":"en_US","og_type":"article","og_title":"Understanding Advance Tax: What Is It and Who Is Liable to Pay?","og_description":"Are you wondering if you are liable to pay advance tax? Keep reading to find out. 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