Stepwise process to pay Advance Tax online on or before 15th March 2021
Advance tax is tax paid in advance for the Income earned during the financial year. Advance tax is also known as ‘Pay as you earn’ scheme. The tax should be paid in the same year in which the income was received. These payments have to be made in instalments as per due dates provided by the income tax department.
Who is liable for payment of advance tax?
- Assessee shall be liable to pay advance tax only where the total tax Liability for the Previous Year exceeds Rs. 10,000 i.e., assessee is exempt from payment of Advance Tax if Tax Liability does not exceed Rs. 10,000.
- A Senior Citizen who have Income under head Business or Profession shall be exempt from the Payment of Advance Tax.
- Taxpayers opting for the presumptive taxation scheme of section 44AD are also liable to pay advance tax in respect of business covered under section 44AD.
What are the due dates of payment of advance tax?
|Due Date||Advance Tax Payable|
|On or before 15th June||15% of advance tax|
|On or before 15th September||45% of advance tax less advance tax already paid|
|On or before 15th December||75% of advance tax less advance tax already paid|
|On or before 15th March||100% of advance tax less advance tax already paid|
Therefore, by 15th March, 2021, taxpayers are liable to pay minimum 100% of advance tax in a single instalment.
Steps for online payment of Advance tax:
Below are the steps for online payment of Advance tax:
Step 1: Go to site https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
Now, Select challan no CHALLAN NO./ITNS 280
Step 2: Now fill the below details:
a. Select (0020) Corporation Tax (Companies) in case of company and (0021) Income Tax (Other than Companies) in case of person other than company
b. Select type of payment as (100) ADVANCE TAX
c. Select mode of payment i.e. Net- Banking or Debit Card and select the Assessment year i.e. 2021-22
d. Enter your PAN number and Select Assessment year as AY 2021-22
e. Enter your address, mail ID and mobile no
Enter the Captcha code and Click on “Proceed” button. In the next page it will display the name as per PAN card and Financial year for the respective Bank assessment year selected
Step 3: Payment of tax:
Now in next page “Click on “Submit to Bank” button
You will be redirected to your bank page. Now, enter your Internet bank login ID and password in next page enter the tax amount in Basic tax Column
Once paid you will be redirected to the BSR Code and challan details. Download/ Save the Challan Copy