{"id":3848,"date":"2018-03-15T11:22:30","date_gmt":"2018-03-15T05:52:30","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3848"},"modified":"2024-03-16T15:13:27","modified_gmt":"2024-03-16T09:43:27","slug":"last-date-to-pay-advance-tax-ends-today-here-is-a-step-by-step-guide","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/last-date-to-pay-advance-tax-ends-today-here-is-a-step-by-step-guide\/","title":{"rendered":"Last date to pay advance tax ends today"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ea509a9197c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ea509a9197c\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/last-date-to-pay-advance-tax-ends-today-here-is-a-step-by-step-guide\/#All_about_the_Advance_Tax_under_Income_Tax_law\" title=\"All about the Advance Tax under Income Tax law\u00a0\">All about the Advance Tax under Income Tax law\u00a0<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/last-date-to-pay-advance-tax-ends-today-here-is-a-step-by-step-guide\/#Advance_tax_payment\" title=\"Advance tax payment\">Advance tax payment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/last-date-to-pay-advance-tax-ends-today-here-is-a-step-by-step-guide\/#Any_amount_paid_on_or_before_31st_March_would_be_treated_as_advance_tax\" title=\"Any amount paid on or before 31st March would be treated as advance tax.\">Any amount paid on or before 31st March would be treated as advance tax.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/last-date-to-pay-advance-tax-ends-today-here-is-a-step-by-step-guide\/#Steps_to_pay_advance_tax\" title=\"Steps to pay advance tax\">Steps to pay advance tax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/last-date-to-pay-advance-tax-ends-today-here-is-a-step-by-step-guide\/#Services_%3E_OLTAS_%3E_Bank_Branch_Then_select_State_and_location\" title=\"Services &gt; OLTAS &gt; Bank Branch . Then select State and location.\">Services &gt; OLTAS &gt; Bank Branch . Then select State and location.<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-tax_1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8753\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-tax_1.jpg\" alt=\"www.carajput.com; Advance Tax\" width=\"740\" height=\"810\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"All_about_the_Advance_Tax_under_Income_Tax_law\"><\/span><span style=\"color: #000080;\"><strong>All about the Advance Tax under Income Tax law\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26292\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/Adance-Tax.-.jpg\" alt=\"Advance Tax.\" width=\"1080\" height=\"1128\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/Adance-Tax.-.jpg 1080w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/Adance-Tax.--287x300.jpg 287w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/Adance-Tax.--980x1024.jpg 980w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/Adance-Tax.--768x802.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/Adance-Tax.--800x836.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<p style=\"text-align: justify;\">The month of March has its own significance in many ways. Be it in terms of being considered the last month for making tax-saving investments or return filing or discharging taxes due for the year and so on. Amongst these, this month also stands out as crucial for those who must pay taxes in advance or what is called \u2018advance taxes\u2019.<\/p>\n<p style=\"text-align: justify;\">Advance taxes are, as the name suggests, advance tax is simply a tax paid in advance. In general, <a href=\"https:\/\/carajput.com\/blog\/tag\/filing-of-income-tax-return\/\">tax return<\/a> for income earned in the financial year i.e., 12 month period starting on April 1st and ending on 31st March will be filed in the next financial year. However, the government has designed a mechanism to collect taxes at regular intervals to ensure cash inflow throughout the year. This helps the government meet expenses on time.<\/p>\n<p style=\"text-align: justify;\">And avoids collection of taxes after the year-end in one lump sum. Tax paid for income earned in the financial year in the same financial year before filing return of income, at specified intervals, is advance tax. Further, the advance tax must be paid if you still have a tax payable of Rs 10,000 or more after considering the TDS, which has already been deducted. To explain this further, the salaried class generally would not have to pay advance tax unless they have income other than salary, because <a href=\"https:\/\/carajput.com\/blog\/tag\/tds-tcs-changes-to-covid19\/\">TDS i<\/a>s already made by their employer. However, if they have incomes such as rental or interest income on which TDS has not been deducted, the advance tax would apply.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Advance_tax_payment\"><\/span><span style=\"color: #000080;\"><strong>Advance tax payment<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24816\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-ax.jpg\" alt=\"advance Income ax\" width=\"922\" height=\"866\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-ax.jpg 922w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-ax-300x282.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-ax-768x721.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-ax-800x751.jpg 800w\" sizes=\"(max-width: 922px) 100vw, 922px\" \/><br \/>\nThe income tax laws specify that a certain percentage of advance taxes be discharged on certain specific dates during the year. The below table discusses these details:<\/li>\n<li style=\"text-align: justify;\">Due date of installment Advance tax payable On or before\u00a015 June\u00a015% of total tax liability On or before\u00a015 September\u00a045% of total tax liability On or before\u00a015 December 75% of total tax liability On or before 15 March 100% of total tax liability<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Any_amount_paid_on_or_before_31st_March_would_be_treated_as_advance_tax\"><\/span><span style=\"color: #000080;\"><strong>Any amount paid on or before 31st March would be treated as advance tax.<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">Also to note that if you are a senior citizen aged 60 years or more not having any income from a business or profession, you don\u2019t have to pay advance taxes.<\/li>\n<li style=\"text-align: justify;\">Further, another exception to the rule of applicability of advance taxes is for those who opt for the presumptive taxation scheme under Section 44AD or 44ADA who can pay the entire advance tax on or before 15th March of the financial year at once.<\/li>\n<li>Any default \/delay in paying advance tax would attract interest under Sections 234B and 234C. At the same time, any excess payment for any quarter can be adjusted against the liability of other quarters of the year or claimed as a refund as the case may be.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Steps_to_pay_advance_tax\"><\/span><span style=\"color: #000080;\"><strong>Steps to pay advance tax<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24818\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-ax-law-.jpg\" alt=\"advance ax law\" width=\"925\" height=\"729\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-ax-law-.jpg 925w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-ax-law--300x236.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-ax-law--768x605.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/03\/advance-ax-law--800x630.jpg 800w\" sizes=\"(max-width: 925px) 100vw, 925px\" \/><\/p>\n<p>As 15 March 20X1 which is the due date for payment of the last installment of advance taxes for individuals, one needs to know how to go about paying the same.<\/p>\n<ul>\n<li style=\"text-align: justify;\">The steps involved in payment of advance taxes have been discussed in the ensuing paras.<\/li>\n<li style=\"text-align: justify;\">Advance tax can be paid either online or offline through any of the authorised bank branches. However, any individual covered under tax audit can only pay tax electronically. Concerned challan for the payment of advance tax is ITNS 280. Authorized bank branch details can be found using the link <span style=\"color: #333399;\">\u2018<a style=\"color: #333399;\" href=\"https:\/\/www.tin-nsdl.com\/\">https:\/\/www.tin-nsdl.com<\/a>\u2019<\/span> and navigate to the following path:<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Services_%3E_OLTAS_%3E_Bank_Branch_Then_select_State_and_location\"><\/span><span style=\"color: #000080;\"><strong>Services &gt; OLTAS &gt; Bank Branch . Then select State and location.<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>Online mode &#8211;<\/strong> <\/span><\/p>\n<p style=\"text-align: justify;\">In order to pay taxes using the electronic mode, the taxpayer should have net banking enabled account in any of the authorized banks. E-payment of tax can also be made by using a debit card, however, only 5 banks are authorized for this purpose (ICICI, HDFC, Indian bank, Punjab National, and SBI).<\/p>\n<p style=\"text-align: justify;\">In case the taxpayer does not have net banking enabled account or debit card of the above banks, payment of tax can be made in the taxpayer&#8217;s names by any other person having net banking enabled account or debit card of an authorized bank.<\/p>\n<p>More read:<\/p>\n<p><em><a href=\"https:\/\/carajput.com\/blog\/conversion-of-llp-into-company-limited-by-shares\/\">Conversion of LLP into Company Limited by Shares<\/a><\/em><\/p>\n<p><em><a href=\"https:\/\/carajput.com\/blog\/everything-that-you-need-to-know-about-limited-liability-partnership\/\">Everything that you need to know about LLP<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>All about the Advance Tax under Income Tax law\u00a0 The month of March has its own significance in many ways. Be it in terms of being considered the last month for making tax-saving investments or return filing or discharging taxes due for the year and so on. Amongst these, this month also stands out as &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,9],"tags":[1112,1109,1110,1108,1111,1114],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3848"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=3848"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3848\/revisions"}],"predecessor-version":[{"id":26295,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3848\/revisions\/26295"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}