Income taxpayers need to submit the first installment of advance tax by June 15 (today) as it is the last date for paying advance tax for the financial year 2022-23.
Advance tax means income tax that should be paid in advance instead of a lump-sum payment at the year-end. These payments have to be made in installments as per the due dates provided by the Income Tax department.
Who can pay advance tax?
Salaried, freelancers and businesses are liable to pay advance tax if their total tax liability is Rs 10,000 or more in a financial year.
If advance tax is not paid within the due dates, interest is payable on the tax as per the provisions of the I-T Act. The tax should be paid in the same year in which the income was received.
Steps to pay advance tax
Step 1: Go to https://www.tin-nsdl.com/services/oltas/e-pay.html
Step 2: You will be redirected to the "e-Payment of Taxes" page.
Step 3: Select "CHALLAN NO./ITNS 280" for payment of advance tax, and self-assessment tax and click on proceed.
Step 4: You need to select "Tax Applicable", "Type of Payment", and "Mode of Payment".
Step 5: Once the payment is made, a tax receipt is displayed on the screen.
Download and keep it with you for future references.
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