The final day for submitting advance tax for source of revenue earned within the present monetary yr 2022-2023 is on Wednesday. An individual whose estimated legal responsibility for the monetary yr is 10,000 or extra has to pay the tax prematurely. However, it does now not follow to senior electorate, the ones of age 60 years or above, who should not have source of revenue from trade or occupation.
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Salaried individuals who shouldn’t have any source of revenue rather then wage additionally needn’t pay advance instal tax as employers deduct the appropriate tax from the per thirty days wage.
The Income Tax division additionally appealed to taxpayers to pay their final installment of advance tax via the due date.
“Attention Taxpayers! The last date for payment of the last installment of Advance Tax is almost here! Do remember to pay your fourth & final installment of Advance Tax by 15th March, 2023”, the tax division stated in a tweet.
What is advance tax?
As in step with the Income-Tax Act, a person with an estimated tax due of 10,000 or extra after Tax Deducted at Source (TDS) deduction is needed to pay advance tax in installments of 15%, 45%, 75% and 100%, on or sooner than June 15, September 15, December 15 and March 15, respectively.
Penalty if did not pay Advance Tax:
In case of failure in price of advance tax on time may result in a penalty on taxes beneath phase 234B and 234C of the Income Tax act. If the taxpayer does now not pay all the quantity of the improvement tax or if the improvement tax paid is lower than 90% of the whole tax legal responsibility, hobby beneath phase 234B is levied. If the improvement tax paid is lower than the prescribed proportion of the installment quantity, an hobby of one% per thirty days or a part of the month from April until the date of price of tax, beneath phase 234C is levied.
How to pay advance tax:
1. Log in to the reliable web page of the source of revenue tax division www.incometax.gov.in and click on at the e-payment facility.
2. Select the ITNS 280 shape for the bills of advance tax for people.
3. Choose the code for the improvement tax and replenish the identify, deal with, PAN, cellular quantity, and different main points within the shape.
4. Click on continue.
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5. Make price on the price gateway web page.
6. After the price, Challan 280 receipt shall be generated.
7. Save the reproduction of the receipt for long run references.