Advance Tax Due Date
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The taxpayer is required to pay the Income Tax on an advance basis in 3-4 installments depending on the type of taxpayer. We help you compute the advance tax and comply with the income tax provisions within its due date.
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Introduction
What is Advance Tax?
Advance tax is the income tax that is paid in advance instead of lump sum payment at year end. It is the tax that you pay as you earn. These payments have to be made in installments as per due dates provided by the income tax department.
How to pay income tax online?
You have to pay your taxes before filing your tax return. If you are a salaried individual, then most of your tax liability is deducted from your salary by your employer in the form of TDS and paid to the government on your behalf. In case you are liable to pay advance tax, then you have to pay 90% of it before the 31st of March every financial year. You can file your ITR once the financial year ends.
The window to file ITR is generally open till the 31st of July of the relevant assessment year. However, the due date to file ITR may get extended, and the IT department will notify the same through notifications. It is always advisable to file your ITR within the due date. It’s worthwhile noting that you attract a late filing fee of Rs.5,000 on failing to file ITR within the due date of the assessment year.
