Advance Tax / Self-Assessment Tax

What is Advance Tax / Self-Assessment Tax?

Tax-payers are required to pay advance tax on their income which they expect to earn during the current year. All persons including salaried employees and pensioners in whose case advance tax payable during the financial year is Rs. 10000 or more are required to pay advance tax.

The schedule for Advance Tax Installments & Due Dates is as below -

Due Dates for Payment Advance Tax Installment to be paid
By 15 Jun 15%
By 15 Sep 45% of Taxes for the financial year
By 15 Dec 75% of Taxes for the financial year
By 15 Mar 100% of Taxes for the financial year
By 31 Mar Tax for CG or casual income arising after 15 Mar
Before filing ITR, an assessee has to pay self – assessment tax, any tax paid after 31st Mar of the FY is termed as Self Assessment Tax.
Delay or default in payment of Advance tax / Self Assessment Tax will call for penalty in the form of simple interest of 1% p.m each under 3 different sections, which will kick-in after lapse of different months.