When is advance tax paid

Updated on : Oct 18, - PM. Furnishing Audit Report: i Due date to furnish the audit report is extended to 15th Jan 22 ii Due date to furnish the audit report for transfer pricing cases is extended to 31st Jan Union Budget Outcome a. Exemption from ITR filing to senior citizens aged 75 years and above, earning only pension and interest income.

The income tax department launched pre-filled ITRs with additional details to simplify the return filing process. The due date for filing belated and revised returns is reduced by 3 months.

This also means that the IT department will have to process the returns and send a notice under section 1 by 31st December. Advance tax calculator is a Use this intuitive tool from ClearTax to calculate your advance tax liability.

We will explain the calculation by way of an example. Ajay is a freelancer earning income from the profession of interior decoration. For the FY , Ajay estimates his annual gross receipts at Rs 20,00, Ajay estimates his expenses at Rs 12,00, Ajay has deposited Rs 40, in PPF account. Ajay has also paid Rs 25, towards LIC premium. Further, Ajay has paid Rs 12, towards medical insurance premium. The professional receipts of Ajay are subject to TDS.

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This includes estimating income that one might receive during the year. Income from interest, professional income, capital gains, rent, etc. It is vital to pay advance tax on or before its due date. Non-timely payments attract interest and penalty at the time of filing annual income tax returns. Following are the advance tax due dates for corporate taxpayers, self-employed, and businessmen:.

In the table below we have explained the interest chargeable along with the calculation of interest. Advance tax payment can be made offline with any of the authorized bank branches approved by the Income Tax Department.

Alternatively, one can make an advance tax payment online. Select the mode of payment, you can pay either through net banking or debit card. You can claim the advance tax paid while filing your income tax return. You can file your ITR either offline or online. These details are available to the income tax authorities in the form of transactions made by you or by other taxpayers on your behalf. Hence, the advance tax payment details will be pre-filed.