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ADVANCE TAX PAYMENT PROCEDURE ONLINE ON TIN-NSDL

Divya Singhvi


Advance Tax
Due date
Tax Payments
TIN NSDL
Last updated on March 15th, 2022

Advance tax is the income tax payable if your tax liability exceeds INR 10,000
in a financial year and it should be paid in the year in which the income is
earned. It is also called the ‘pay-as-you-earn’ scheme. It is required to be
paid at quarterly intervals. The advance tax due dates for payment is on the
15th of each quarter-end.

There are two methods for payment of Advance Tax:

 * Online via TIN NSDL.
 * Offline via Bank Branch.


STEPS FOR ONLINE PAYMENT OF ADVANCE TAX

 1. Aceess the TIN NSDSL e-payment Portal.
    
    Visit the TIN NSDL e-payment portal and Select Challan 280.

 2. Select the tax applicable and Payment Type.
    
    Select the Tax Applicable as (0021) Income Tax (Other than Companies). Later
    select Type of payment as (100) Advance Tax.

 3. Select Mode of Payment and name of Bank.
    
    Next, select the mode of payment from the different options and the name of
    your Bank.

 4. Enter the Details asked.
    
    Enter PAN and Other Details including your email Id and contact number.

 5. Select the Assessment Year.
    
    After selecting the Assessment Year, enter captcha and click on Proceed.

 6. Click on “Submit to the bank”.
    
    Verify the details that were entered and Click Submit.

 7. Now you can login to the net banking account of your bank to make the
    payment.
    
    Once you make the payment you will get challan counterfoil with Bank
    details. Save it for future reference.


STEPS FOR PAYMENT OF ADVANCE TAX OFFLINE

 1. Visit the bank branch and ask for the applicable tax payment challan
    form-Challan 280 (in this case).
 2. Fill in the details as required in the form. The details asked in the form
    are the same as required in the online form.
 3. Go to the relevant bank’s counter and submit the filled-in Challan 280 form
    along with the money. The tax payment can be made either in cash or cheque.
 4. Once you give the money and challan and the bank official will give you a
    receipt by tearing off a portion of the challan, filling in details of
    payment, and stamping it.

Once you have completed your advance tax payment by either the online or offline
method, you should keep the receipts safely as proof of payment. It can
approximately take up to 10 days to reflect in your Form 26AS. Your income tax
payment should show in your Form 26AS Component ‘Part C – Details of Tax Paid’.


FAQS

I forgot to save my Challan for tax payment, what should I do?

You can know details of Advance tax paid from your Form 26AS. Hence download
Form 26AS from the income tax e-filing portal and show the same in your ITR.

What should I do if my bank does not have an online payment facility or is not
an authorised bank for E-Tax ?

In case your bank does not have an online payment facility or is not an
authorized bank then you can make electronic payment of tax from the account of
any other person who has an account with the authorized bank having online
facility.

What if my account gets debited twice for the Advance tax payment?

You should contact your Bank and ask for correction for double payment made for
Advance tax.


GOT QUESTIONS? ASK AWAY!

 1.  Ridhima_Sharma says:
     26/02/2021
     
     Hey @Shweta_Saini
     
     Advance tax is a ‘Pay as you earn’ tax, so it is required to be paid during
     the financial year in four different instalments in case your Taxable
     Liability is more than INR 10,000 for the financial year which stands true
     for you.
     
     The due dates for advance tax installments are:
     
      * 15th June - 15% of the tax liability
      * 15th Sept - 45% of the tax liability
      * 15th Dec - 75% of the tax liability
      * 15th March - 100% of the tax liability
     
     If you are eligible to pay advanced tax but have not paid advance tax, the
     penalty will be applicable u/s 234B and 234C.
     
     Let us know if you have any further questions!

 2.  riya_gupta says:
     26/02/2021
     
     Hi Team, I had assumed that I will be able to pay advanced tax before March
     because I thought I could go for presumptive tax filing. But now it looks
     like I cannot opt for a presumptive taxation scheme. So does it mean that I
     did not pay the advanced quarterly tax that I was supposed to pay?
     
     If yes, what is the penalty in every case or are there some exceptions to
     avoid this interest penalty?
     
     Thanks in advance!

 3.  Yesha says:
     26/02/2021
     
     Hey @riya_gupta
     
     You will be charged an interest penalty under section 234C for the
     delay/non-payment of advance tax during the year @1% per month on the
     shortfall amount. Additionally, under Section 234B a penalty interest is
     imposed on the taxpayers in case the advance tax payment is less than 90%
     of assessed tax liability during the year.
     
     You can avoid interest u/s 234B by paying at least 90% of your assessed tax
     liability by March 15, 2021.
     
     Hope this helps!

 4.  ViraajAhuja47 says:
     26/02/2021
     
     Hey @TeamQuicko
     
     I have LTCG of more than 7 lakhs from the equity for this year. Is there a
     way to reduce my tax liability? Also, do I have to pay the tax in advance?
     If I fail to do so, what will be the penalty/interest percentage I have to
     pay during my tax filing in 2020?

 5.  TeamQuicko says:
     26/02/2021
     
     Hey @ViraajAhuja47, you can set off against non-speculative business loss
     like F&O for the current year. Long-term capital losses for the previous as
     well as the current year. Yes, you are required to pay advance tax in case
     your tax liability is more than INR 10,000 for the FY. The penalties for
     non-payment of advance tax are:
     
     Non-payment of Advance Tax u/s 234B 3: Interest at 1% in case the taxpayer
     fails to pay 90% of the tax liability in the same FY
     Delay in Payment of Advance Tax u/s 234C 1: if there is a delay in tax
     payment than interest @ 1% is applicable.

 6.  Ridhima_Sharma says:
     01/03/2021
     
     Hello @S_P
     
     Tax paid on or before 31/03/2021 will be considered as advance tax for FY
     2020-21. So a trader can determine the profits between 15th March to 31st
     March and pay the tax on 31st March, there will be no interest levied.
     
     Hope this helps!

 7.  Nireka says:
     02/03/2021
     
     Hi @TEst_Netflix,
     
     Tax audit is applicable when:
     
      1. Turnover is above the threshold limit
      2. Profit is >=6% of the turnover
     
     You can use this tool to determine if tax audit is applicable to you:
     
     tools.quicko.com
     
     
     DETERMINE TAX AUDIT APPLICABILITY | QUICKO
     
     Select financial year, residential status, income sources, and financial
     situation to Determine Income Tax audit applicability under section 44AB
     for FY 2020-21 & 2021-22 and AY 2021-22, 2022-23.
     
     
     
     
     It is always a good practice to file your ITR and report all your financial
     transactions to avoid notice from the Income Tax Department. Especially
     after the SEBI and CBDT’s data partnership. If your total income is below
     the basic exemption limit, you won’t have any tax liability.

 8.  vivek25 says:
     12/03/2021
     
     Do I have to pay Advance Tax if the TDS for the year is sufficient to cover
     tax liabliltiy?
     
     Does Dividend on equity shares attract separate Advance Tax or is it just
     another source of income?

 9.  Nireka says:
     12/03/2021
     
     Hi @vivek25,
     
     You are liable to pay advance tax if your total outstanding tax liability
     for the financial year after TDS is above INR 10,000.
     
     
     vivek25:
     
     > Does Dividend on equity shares attract separate Advance Tax or is it just
     > another source of income?
     
     To calculate your advance tax liability you need to add your estimated
     income for the financial year from all sources including - Salary, House
     Property, Capital Gains, Business & Profession and other sources.
     Next, subtract all eligible deductions, expenses, and Tax Credit available
     to you.
     Now, if your outstanding tax liability is above INR 10,000, you need to pay
     advance tax to avoid penalty u/s 234B and 234C.
     
     Hope this answers your query
     
     You can also use the advance tax calculator to know your advance tax
     liability under the old and new tax regime
     
     tools.quicko.com
     
     
     ADVANCE TAX CALCULATOR - CALCULATE TAXES FOR FY 2021-22
     
     Use the old vs new advance tax calculator to calculate your advance tax
     liabilities for the FY 2021-22
     
     
     
 10. Girimon_Vasudevan says:
     15/06/2021
     
     Hi
     When I pay the advance tax through the ZERODHA-QUICKO platform, does it get
     saved/stored? For example I have paid for Q1. so when I have to pay for Q2,
     will this be automatically calculated?
     Thanks


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