PAYMENT OF ADVANCE TAX (INCOME TAX)

Income tax is payable well in advance, when total payable tax is equal to or more than Rs. 10,000/- for the related financial year.

How much and when to pay advance tax are very much important  questions and we must be well aware to save interest on payment of Income Tax.

Due Dates for payment of Advance Tax
During the Financial Year

Due Date	Advance Tax Payable
On or before 15th June	15% of advance tax less advance tax paid
On or before 15th September	45% of advance tax less advance tax paid
On or before 15th December	75% of advance tax less advance tax paid
On or before 15th March	100% of advance tax less advance tax paid

If, tax liability for a financial year, after deductions u/s. 80C and reducing TDS, exceeds Rs 10,000, are liable to pay advance tax.

If, a senior citizen, not having income from business or profession, is not liable for advance tax.

The person is liable to pay interest u/s.  234B and 234C of the Income Tax Act, 1961, who has not paid advance tax in time.

Advance tax payment is made using Challan 280, as like any other regular tax payment challan. Pay online by LINK.

On observation of the time and payment of tax, 45% of total tax payable, as advance tax (2nd installment) for the FY 2019-20 (AY 2020-21) is now being payable on or before 15 September, 2019.