Hey,
I think everyone at this point knows we have to pay our taxes to the government and file our ITR each year. What most people do not know is when does one have to pay advance tax. All taxpayers, including salaried people, freelancers, and businesses have to pay this. Keep reefing to know details about the same.
When advance tax is payable?If your total tax liability is Rs 10,000 or more in one financial year, you are required to pay advance tax. Only senior citizens who are 60 or more and don't run a business of their own are exempted from paying advance tax.
When to pay advance tax ?You need to pay advance tax before the final date announced by the income tax department. It is the amount of tax that is paid in instalments over the span of the financial year instead of year-end. The due date is set and announced by the Income Tax Department.
The percentage of tax that needs to be paid is given in the table :
| Due Date | Advance Tax Payable | |
| 1 | On or before 15th June | 15% |
| 2 | On or before 15th September | 45% |
| 3 | On or before 15th December | 75% |
| 4 | On or before 15th March | 100% |
This is helpful for both the government and taxpayers. It is more convenient to pay in parts as it is easier on the pocket. Now that you know when does one have to pay advance tax. You should know its synonym, it is earn tax.
This is all from my end. I hope your doubts have been cleared.
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Authors Of The Question
When does one have to pay advance tax ?
Radhyaa
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2 Year
2022-05-11T10:43:33+00:00 2022-05-11T10:43:35+00:00Comment
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