E-Paper
Last date to file advance income tax today. Details here
A failure to pay advance tax on time could lead to a penalty on taxes under section 234B and 234C of the Income Tax act.
The last day for filing advance tax for income earned in the current financial year 2020-2021 is on Monday. A person whose estimated liability for the financial year is ₹10,000 or more has to pay the tax in advance. However, this rule does not apply to senior citizens, those of age 60 years or above, who do not have income from business or profession. According to the income tax law, taxpayers are required to pay estimated tax in instalments of 15 per cent, 45 per cent, 75 per cent and 100 per cent, on or before June 15, September 15, December 15 and March 15, respectively.
A failure to pay advance tax on time could lead to a penalty on taxes under section 234B and 234C of the Income Tax act. If the taxpayer does not pay the entire amount of the advance tax or if the advance tax paid is less than 90 per cent of the total tax liability, interest under section 234B is levied. The interest charged is at 1 per cent per month or part of the month from April till the date of payment of tax. If the advance tax paid is less than the prescribed percentage of the instalment amount, interest under section 234C is levied.
Steps to be followed while paying advance tax
Step 1: Log in to the official website of the income tax department and click on the e-payment facility.
Step 2: Select the ITNS 280 form for the payments of advance tax for individuals.
Step 3: Choose the code for the advance tax and fill in your name, address, PAN, mobile number, and other details in the form.
Step 4: Click on proceed.
Step 5: Make payment at the payment gateway or the banking page.
Step 6: After the payment, Challan 280 receipt will be given.
Step 7: Save the copy of the receipt for future reference.
