As we know people who have tax liability of more than Rs. 10,000 during a year have to pay advance tax. This needs to be calculated after considering the credit of TDS/ TCS that you would receive during the year. If you need to pay tax more than 10,000 after taking credit of such TDS/ TCS then only advance tax liability comes.
To read about advance tax in detail CLICK HERE.
This will not apply to people filing return of income showing income u/s 44AD.
Advance Tax needs to be paid in 4 installments as under:
1st Installment: 15% of total tax liability till 15th June of the Financial year.
2nd Installment: 45% of total tax liability till 15th September of the Financial year.
3rd Installment: 75% of total tax liability till 15th December of the Financial year.
4th Installment: 100% of total tax liability till 15th March of the Financial year.
If you want to read about interest on late payment of Advance tax CLICK HERE.
Now during this pandemic many due dates were extended to 30.06.2020, however no relief was provided to any tax payment, only relief for interest on same was provided as 0.75% maximum interest was to charged.
Therefore no extension was provided for TDS payment or advance tax payment and hence 15th June is the due date for payment of first installment of advance tax and there is no extension in same.
You can pay advance tax at Tin-NSDL which is a government organisation: Click to pay tax or you can even pay through your net banking.
If you need any Professional assistance in calculating your Advance tax Click Here and submit your query.
This article is just for information purpose and are personal views of the author. It is always advisable to hire a professional for practical execution or you can mail us. If you need assistance you can ask a question to our expert and get the answer within an hour or post a comment about your views on the post and also subscribe to our newsletter for latest weekly updates.
