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Advance Tax Essay

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Everything you wanted to know about Advance Tax and Penalties under it
Title description: The concept of Advance Tax and its importance is not widely understood in India. In this article, we define what is Advance Tax and its penalties.
Advance Tax explained
Do you file your income tax only at the end of the financial year? This method is common among many taxpayers as it is a one-time procedure and allows you to relax for the rest of the year. What you may fail to realise is that this system puts a lot of stress on the government as all payments are received at the end of the year.
An Advance Tax is tax that you are liable to pay in advance on the generated income. This is also called ‘pay-as-you-earn’ tax as the tax is deducted after receiving income during …show more content…

Companies like Bajaj Finserv offer fixed deposits with zero tax deduction at source on interest payments up to INR 5000 helping you save a considerable amount of your income.
Senior citizens are exempted from paying this tax if they do not have any business income.
Advance Tax filing procedure
Defaulting on your advance tax payment will incur interest according to section 234 of the Income Tax Act. You can pay at any of the 926 branches of banks such as State Bank of India, HDFC Bank, Syndicate Bank, Axis Bank etc. authorised by the IT department by filling out a simple advance tax challan, ITNS 280. You can also pay it online via the IT department or National Securities Depository.
A note on the due dates to pay advance tax
Advance tax has to be paid thrice a year. The payment recurrence for companies is four times a year. Let us take a brief look at advance tax due dates.
For self-employed and businesspersons:
Minimum 30% of liability on or before 15th September.
Minimum 60% of liability on or before 15th December.
100% of liability on or before 15th

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