If your tax payable is above Rs 10,000 after TDS, you have to pay Advance Tax. To help you with this process, our experts will do it for you! Know why, how and what by speaking to our experts!
The assessment of income of an year can be made only after year has passed, advance tax is pre payment of your tax liability in the year it is earned. If the tax liability is more than Rs 10,000 in a financial year then advance tax needs to be paid by assessee. The due dates are: 15th June(15%) 15th September(45%) 15th December (75%) 15th March (100%)
If in a financial year your total tax liability exceeds Rs 10,000 you will be required to pay Advance Tax. Do remember to include all heads of income calculating Advance Tax. Senior citizens, those who are 60 years or older and do not run a business, are exempt from paying advance tax. Let us point out Tax Deducted at Source (TDS) as a concept. When you receive any income (your salary, Interest Income), many a times, the person paying you will deduct TDS before paying you. If the TDS deducted is more than your tax due, then you may not have to pay advance tax.