Income Tax Alert: Taxpayers have to complete this process now, know the last date

Alert: Today is the last chance to deposit Advance Tax, if not given, fine will have to be paid

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new Delhi. If you have received a message from the Income Tax Department to fill Advance Tax, then do not ignore it. Pay advance tax on time to avoid huge interest. Today is the last date for payment of the fourth installment of advance tax for the financial year 2021-22.

Before filing advance tax, it must be seen that how much liability is being created on you. If the liability is being made, then to avoid interest, deposit 100% tax for the financial year 2021-22 on March 15, 2022. Advance tax is deposited on income earned in the same year before the end of the financial year.

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Advance tax is to be deposited in four installments
The taxpayer has to calculate his tax liability and pay tax in four installments during the financial year. The taxpayer is generally not expected to deposit the tax in one installment. Taxpayers have to deposit their advance tax in installments of 15 per cent, 45 per cent, 75 per cent and 100 per cent respectively before June 15, September 15, December 15 and March 15.

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How to calculate earnings
According to the news of Money Control, Aarti Raute, Partner, Deloitte India, says that for the calculation of advance tax, the taxpayer has to estimate the total income during the year. On this he has to pay advance tax. Changes in interest rate, rent from the property, etc. are taken into account while adjusting for changes in the income level of the previous year. These incomes are shown in Form 26AS. In this, include income from investments during the year. Information related to tax paid and compliance is included in Form 26AS.

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They have to pay advance tax
Advance tax is paid in many circumstances. If you do freelancer, salary and business and the tax liability on your annual income is more than 10000, then advance tax has to be paid. Senior citizens (60 years of age or more) who do not have any income from business or profession are exempted from advance tax. Apart from this, the salaried person who does not have any income other than salary, does not have to pay advance tax.

can deposit like this
You can pay advance tax online as well as offline.
For offline payment, tax can be used by payment challan (challan number 280) at a bank branch authorized by the Income Tax Department.
For online payment, visit the Income Tax Department website www.incometaxindia.gov.in and click on E-pet Taxes.

Tags: income tax, Modi government

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