Advance tax filing in India refers to the process of paying your income tax liability in advance rather than at the end of the financial year. This system is designed to help the government receive a steady flow of income throughout the year and to ease the tax burden on taxpayers by breaking it into smaller payments.
Advance Tax Filing
Advance tax filing in India refers to the process of paying your income tax liability in advance rather than at the end of the financial year. This system is designed to help the government receive a steady flow of income throughout the year and to ease the tax burden on taxpayers by breaking it into smaller payments.
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Taxpayers: Applicable to individuals, HUFs, firms, and companies.
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Income Threshold: Total tax liability exceeds ₹10,000 in a financial year.
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Income Sources: Income from salary, business, profession, capital gains, or other sources.
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Non-Deduction of TDS: If TDS is not deducted or is insufficient to cover tax liability.
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Estimated Income: Must estimate total income for the financial year to calculate advance tax liability.
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- Ensures Compliance: Helps taxpayers adhere to income tax regulations and avoid penalties.
- Distributes Tax Burden: Spreads the tax liability throughout the year, making financial management easier.
- Avoids Interest Charges: Timely payment prevents interest charges for underpayment.
- Ensures Compliance: Helps taxpayers adhere to income tax regulations and avoid penalties.
- Calculate Advance Tax: Estimate your total tax liability for the year.
- Make Payments: After calculating the advance tax, Use the appropriate challan to pay the advance tax in installments as per the due dates.
- Keep Receipts: Save payment receipts for reference during annual income tax return filing.
- Calculate Advance Tax: Estimate your total tax liability for the year.
Income Statements:
- Salary Slips
- Rent Receipts
- Bank Statements (for interest income)
- Investment Proofs (dividends, capital gains)
- Business Income Records (profit & loss statement)
- Previous Year’s Tax Returns: Last year’s income tax return for reference.
- TDS Certificates: Form 16/16A (issued by employers and others for TDS deductions.
Deductions and Exemptions Proofs: - Investment Proofs (under sections like 80C, 80D, etc.)
- Loan Repayment Documents (home loan interest, education loan)
Business-related Documents (if applicable): - Financial Statements (balance sheet, profit & loss account)
- Details of Advance Tax Paid Previously
- Bank Challan/Receipt: Proof of advance tax payments already made.
- Accuracy: Ensures precise calculation and payment of advance tax to minimize errors.
- Convenience: Manages the entire process, saving you time and effort.
- Peace of Mind: Guarantees compliance with tax regulations and avoids penalties.
Our support ensures that your advance tax filings are handled with precision, efficiency, and compliance, allowing you to focus on other priorities while we manage your tax obligations effectively.
- Accuracy: Ensures precise calculation and payment of advance tax to minimize errors.
Any individual, whether salaried or self-employed, or business entity whose estimated tax liability for the financial year exceeds ₹10,000 is required to pay advance tax. This includes income from various sources such as salary, business, profession, rent, capital gains, and interest.
Advance tax is paid in installments according to the following schedule:
- 15th June: At least 15% of the total estimated tax liability.
- 15th September: At least 45% of the total estimated tax liability (cumulative).
- 15th December: At least 75% of the total estimated tax liability (cumulative).
- 15th March: 100% of the total estimated tax liability. For taxpayers under the presumptive income scheme (sections 44AD and 44ADA), the entire advance tax is payable by 15th March.
- If advance tax is not paid or is underpaid, interest may be levied under sections 234B and 234C of the Income Tax Act.
- Section 234B: Interest for default in payment of advance tax.
- Section 234C: Interest for deferment of advance tax.
Legal Disclaimer
The information on this website is provided for general informational purposes only. It does not constitute legal or professional advice. We do not guarantee the accuracy, timeliness, or completeness of the information provided. You should always seek the advice of a professional consultant or attorney regarding your specific situation. Use of this website is at your own risk and subject to our Terms of Use.
SS Auditors understands the importance of client satisfaction and strives to provide high-quality auditing services. However, it is important to note the following refund policy:
Cancellation & Refund Policy
S S AUDITORS AND TAX CONSULTANTS believes in helping its customers as far as possible, and has therefore a liberal cancellation policy. Under this policy:
• Cancellations will be considered only if the request is made immediately after placing the order. However, the cancellation request may not be entertained if the orders have been communicated to the vendors/merchants and they have initiated the process of shipping them.
• S S AUDITORS AND TAX CONSULTANTS does not accept cancellation requests for perishable items like flowers, eatables etc. However, refund/replacement can be made if the customer establishes that the quality of product delivered is not good.
• In case of receipt of damaged or defective items please report the same to our Customer Service team. The request will, however, be entertained once the merchant has checked and determined the same at his own end. This should be reported within only same day days of receipt of the products. In case you feel that the product received is not as shown on the site or as per your expectations, you must bring it to the notice of our customer service within only same day days of receiving the product. The Customer Service Team after looking into your complaint will take an appropriate decision.
• In case of complaints regarding products that come with a warranty from manufacturers, please refer the issue to them. In case of any Refunds approved by the S S AUDITORS AND TAX CONSULTANTS, it’ll take 3-5 Days for the refund to be processed to the end customer.Legal Disclaimer
The explanations and information provided on this page are general and high-level guidelines on how to write your own Shipping Policy. This article should not be relied upon as legal advice or specific recommendations, as we cannot foresee the exact shipping policies you wish to establish between your business and your customers. We recommend seeking legal advice to assist you in understanding and creating your own Shipping Policy.
Shipping Policy - The basics
A Shipping Policy is a legally binding document that establishes the legal relations between you and your customers. It provides a framework for outlining your obligations and addressing various potential issues that may arise, and what happens in each case.
A Shipping Policy is good practice and benefits both sides—you and your customers. Customers benefit from being informed about what to expect from your service, while you benefit because clear Shipping Policies can attract more customers by eliminating uncertainties about shipping timeframes or processes.