{"id":118497,"date":"2023-09-23T09:48:01","date_gmt":"2023-09-23T04:18:01","guid":{"rendered":"https:\/\/legalwindow.in\/?p=118497"},"modified":"2023-09-30T09:56:06","modified_gmt":"2023-09-30T04:26:06","slug":"advance-tax-in-india","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/advance-tax-in-india\/","title":{"rendered":"A Beginner&#8217;s Guide to Understanding Advance Tax in India"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-118529 size-full\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-6.png\" alt=\"Advance Tax in India \" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-6.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-6-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-6-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-6-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Copy-of-How-to-Claim-Both-HRA-and-Home-Loan-Tax-Benefits-6-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><b>Advance tax<\/b><span style=\"font-weight: 400;\"> is a system of paying taxes in installments over the financial year, as per the provisions under the <\/span><span style=\"font-weight: 400;\">Income Tax Act, 1961<\/span><span style=\"font-weight: 400;\"> in India. This article aims to provide a complete understanding of<\/span><b> advance tax ,<\/b><span style=\"font-weight: 400;\"> including its calculation, individuals liable to pay, <\/span><b>advance tax slabs,<\/b><span style=\"font-weight: 400;\"> exceptions, benefits of timely payment, and the convenience of online payment.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid#000000;\"><b>Contents<\/b><\/p>\n<ul>\n<li><a href=\"#what\"><span style=\"font-weight: 400;\">What is Advance Tax? Advance Tax in the Income Tax Act<\/span><\/a><\/li>\n<li><a href=\"#how\"><span style=\"font-weight: 400;\">How to Calculate Advance Tax?<\/span><\/a><\/li>\n<li><a href=\"#when\"><span style=\"font-weight: 400;\">When is a person required to pay advance tax?<\/span><\/a><\/li>\n<li><a href=\"#who\"><span style=\"font-weight: 400;\">Who is not Liable to Pay Advance Tax?<\/span><\/a><\/li>\n<li><a href=\"#benefits\"><span style=\"font-weight: 400;\">Benefits of Advance Tax Payment<\/span><\/a><\/li>\n<li><a href=\"#advance\"><span style=\"font-weight: 400;\">Advance Tax Payment Online<\/span><\/a><\/li>\n<li><a href=\"#end\"><span style=\"font-weight: 400;\">End Note<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"what\">What is Advance Tax?<\/h2>\n<p><b>Advance tax<\/b><span style=\"font-weight: 400;\"> refers to the payment of income tax by individuals, self-employed professionals, and businesses in instalments before the end of the financial year. It is a proactive method by the government to collect taxes upfront, rather than awaiting payment through the usual process of <\/span><a href=\"https:\/\/legalwindow.in\/tds-rate-chart-for-fy-2022-2023\/\"><span style=\"font-weight: 400;\">Tax Deducted at Source (TDS)<\/span><\/a><span style=\"font-weight: 400;\"> from salaries or other sources of income.<\/span><\/p>\n<p><strong>Advance in the Income Tax Act<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Sections 207<\/span><span style=\"font-weight: 400;\"> to <\/span><span style=\"font-weight: 400;\">219<\/span><span style=\"font-weight: 400;\"> of the Act address the duty to pay <\/span><b>advance tax<\/b><span style=\"font-weight: 400;\"> before the deadline to avoid repercussions, while Sections <\/span><span style=\"font-weight: 400;\">234A<\/span><span style=\"font-weight: 400;\">, 234B, and 234C address the fines that may be imposed for failure to do so. As previously stated, <\/span><b>advance tax<\/b><span style=\"font-weight: 400;\"> is paid in the year the individual obtains the income. This is why it is also referred to as the &#8220;pay as you earn scheme.&#8221;<\/span><\/p>\n<h2 id=\"how\">How to Calculate Advance Tax?<\/h2>\n<p><span style=\"font-weight: 400;\">To calculate <\/span><b>advance tax<\/b><span style=\"font-weight: 400;\">, individuals need to estimate their annual taxable income and then compute the tax liability as per the applicable income tax slabs. The individual can divide the estimated tax liability into four equal instalments to be paid on specific due dates throughout the financial year.<\/span><\/p>\n<p><b>Also, read: <\/b><a href=\"https:\/\/legalwindow.in\/advance-tax-under-income-tax-act-1961\/\"><b>Advance Tax under Income Tax Act 1961<\/b><\/a><\/p>\n<h2 id=\"when\">When is a person required to pay advance tax?<\/h2>\n<p><span style=\"font-weight: 400;\">Section 208<\/span><span style=\"font-weight: 400;\"> requires the payment of <\/span><b>advance tax<\/b><span style=\"font-weight: 400;\"> whenever a taxpayer&#8217;s income tax liability exceeds Rs. 10,000. Assessee must compute one&#8217;s current income and pay the applicable <\/span><b>advance tax<\/b><span style=\"font-weight: 400;\">. There is no duty to submit an estimate or statement of income to the Assessing Officer unless the Assessing Officer has given notice. Residents who do not have any income subject to taxation under the category &#8220;profits and gains of business or profession&#8221; and those aged 60 and more are the only ones free from paying <\/span><b>advance tax<\/b><span style=\"font-weight: 400;\">.<\/span><b>\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><b>advance tax<\/b> <b>slabs<\/b><span style=\"font-weight: 400;\"> are progressive, that the tax rate increases as the income increases, ensuring that individuals with higher incomes contribute more in taxes.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>In case of commercial purposes or Business: <\/b>For taxpayers who chose the presumptive taxation plan under <span>Section 44AD<\/span><span>, the <\/span><b>advance tax<\/b><span> must be paid in full in one instalment on or before March 15. They can also elect to pay all owed taxes before March 31. Small businesses are eligible for the program, which estimates yearly revenues of 8% of turnover or gross revenues. If the gross receipts\/turnover were received by account payee bank draft, account payee check, or electronic clearing system, the business revenue should be approximated at 6% of the turnover. Following that, the amount decided becomes the business&#8217;s ultimate taxable income, and the <\/span><b>advance tax<\/b><span> must be paid on this amount.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>In the case of Professionals : <\/b>For independent professions such as architects, lawyers, doctors, etc. presumptive taxation can apply and it is expressed in the section <span>44ADA<\/span><span>. They must pay their total <\/span><b>advance tax<\/b> <b>liability<\/b><span> in one instalment by the March 15th deadline. They can also pay the entire amount by March 31.<\/span><\/li>\n<\/ul>\n<h2 id=\"who\">Who is not Liable to Pay Advance Tax?<\/h2>\n<p><span style=\"font-weight: 400;\">Certain categories of taxpayers are <\/span><b>not liable for paying<\/b> <b>advance tax<\/b><span style=\"font-weight: 400;\">. They include senior citizens (aged 60 years or more) who don&#8217;t have any income from business or profession and do not fall under the scope of the presumptive taxation scheme.<\/span><\/p>\n<h2 id=\"benefits\"><b>Benefits of Advance Tax Payment<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Avoidance of Interest: <\/b>Paying <b>advance tax<\/b><span> prevents the individual from incurring interest penalties under sections <\/span><span>234B<\/span><span> and <\/span><a href=\"https:\/\/incometaxindia.gov.in\/_layouts\/15\/dit\/Pages\/viewer.aspx?grp=Act&amp;cname=CMSID&amp;cval=102120000000081474&amp;searchFilter=%5b%7b%22CrawledPropertyKey%22%3a1%2c%22Value%22%3a%22Act%22%2c%22SearchOperand%22%3a2%7d%2c%7b%22CrawledPropertyKey%22%3a0%2c%22Value%22%3a%22Income-tax+Act%2c+1961%22%2c%22SearchOperand%22%3a2%7d%2c%7b%22CrawledPropertyKey%22%3a29%2c%22Value%22%3a%222023%22%2c%22SearchOperand%22%3a2%7d%5d&amp;filterBy=S&amp;optionalFilter=234C&amp;k=&amp;IsDlg=0\" target=\"_blank\" rel=\"noopener\"><span>234C<\/span><\/a><span> of the Income Tax Act.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Better Financial Planning : <\/b>Paying taxes in instalments allows individuals to better manage their cash flow and ensures they are prepared for the tax liability at the end of the financial year.<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Reduction in Tax Burden: <\/b>By paying taxes in advance, individuals can distribute the tax liability throughout the year, reducing the burden of a lump sum payment.<\/li>\n<\/ul>\n<h2 id=\"advance\"><b>Advance Tax Payment Online<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If you do not prefer to pay your <\/span><b>advance taxes<\/b><span style=\"font-weight: 400;\"> in person, the government of India provides an option for taxpayers to pay their <\/span><b>advance taxes online<\/b><span style=\"font-weight: 400;\">. An individual must follow the following procedure:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On the Income Tax Department&#8217;s website, look for an e-payment option.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Then, to make an <\/span><b>advance tax payment<\/b><span style=\"font-weight: 400;\">, select the appropriate &#8216;Form&#8217;.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Following that, select the appropriate code option for <\/span><b>advance tax<\/b><span style=\"font-weight: 400;\">. In this scenario, the appropriate code number is 100.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Next is to fill out an individual&#8217;s information, such as PAN, name, email address, mobile number, etc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After finishing these steps, you have to select the &#8216;Proceed&#8217; tab.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The next step is the payment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Finally, the individual will receive a payment receipt known as &#8220;Challan 280&#8221; in a new browser tab. It is suggested that a copy of the payment receipt be saved because it will be required for completing the Income Tax Return.<\/span><\/li>\n<\/ul>\n<h2><a href=\"https:\/\/legalwindow.in\/income-tax-return-filing\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-113133\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Get-your-IT-Returns-Filed-by-Expert.png\" alt=\"\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-IT-Returns-Filed-by-Expert.png 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-IT-Returns-Filed-by-Expert-600x120.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-IT-Returns-Filed-by-Expert-300x60.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-IT-Returns-Filed-by-Expert-768x154.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/h2>\n<h2 id=\"end\">End Note<\/h2>\n<p><b>Advance tax<\/b><span style=\"font-weight: 400;\"> is a vital aspect of the income tax system in India, ensuring timely tax collections and supporting the government&#8217;s revenue generation for public welfare initiatives. Understanding the provisions of the Income Tax Act, calculating <\/span><b>advance tax<\/b><span style=\"font-weight: 400;\">, identifying who is <\/span><b>liable to pay<\/b><span style=\"font-weight: 400;\">, exploring the <\/span><b>benefits<\/b><span style=\"font-weight: 400;\">, and utilizing the <\/span><a href=\"https:\/\/vahan.parivahan.gov.in\/vahan\/vahan\/ui\/eapplication\/form_payment.xhtml\" target=\"_blank\" rel=\"noopener\"><b>online payment<\/b><\/a><span style=\"font-weight: 400;\"> facility empowers taxpayers to fulfil their tax obligations efficiently. By complying with <\/span><b>advance tax<\/b><span style=\"font-weight: 400;\"> requirements, taxpayers contribute to the stability and development of the nation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case of any query regarding the <\/span><b>Understanding Advance Tax in India,<\/b><span style=\"font-weight: 400;\"> free to connect with our legal experts at <\/span><a href=\"https:\/\/legalwindow.in\/\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\"> at <\/span><b>72407-51000.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Advance tax is a system of paying taxes in installments over the financial year, as per the provisions under the Income Tax Act, 1961 in India. This article&hellip;<\/p>\n","protected":false},"author":4,"featured_media":118530,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-118497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Advance Tax in India&#187; Legal Window<\/title>\n<meta name=\"description\" content=\"Advance tax is a system of paying taxes in installments over the financial year, as per the provisions under the Income Tax Act,1961 in India\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/advance-tax-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Advance Tax in India&#187; 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