#TaxmannAnalysis | Step-by-step Guide to Pay Advance Tax – Taxmann.com Practice Edition

HOW TO PAY ADVANCE ?

HOW TO PAY ADVANCE ?

Contents •

Introduction

5

•

Step 1

- Visit https://www.incometax.gov.in/iec/foportal

6

•

Step 2

- Scroll down to ‘Our Services’ section to select ‘e-pay Tax’

6

•

Step 3

- You will be asked to re-direct to new site. Click on Continue

7

•

Step 4

- Select Challan No./ ITNS 280 on the redirected page.

7

•

Step 5

- Fill the details in Challan No./ITNS 280

8

•

Step 6

- Click on ‘Proceed’ button

8

•

Step 7

- Check the information filled and tick the ‘I agree’ check

9

•

Step 8

- You will be redirected to the bank’s site for payment.

9

•

Step 9

- Fill the details of payment, click on ‘Calculate Total

•

Step 10 - Enter the remarks and Submit

•

Step 11 - Download the challan copy for future records

10 10 11

How to pay Advance Tax?

Introduction Every assessee is liable to pay advance tax if his estimated tax liability of the financial year is Rs. 10,000 or more. The advance tax is payable in respect of the ‘current income’ which is chargeable to tax in the assessment year immediately following the relevant financial year. Every income is subject to advance tax even if such income is subject to deduction of tax at source or subject to any special rate of tax.

The advance-tax shall be computed in the following manner: PARTICULARS

AMOUNT

Tax on income at normal rates

xxx

Tax on income at special rates

xxx

Tax on total Income

xxx

Less: Rebate under Section 87A

(xxx)

Tax after rebate

xxx

Add: Surcharge

xxx

Tax after surcharge

xxx

Add: Health and Education Cess

xxx

Gross tax liability

xxx

Less: (a) MAT Credit or AMT Credit

(xxx)

(b) Tax relief under Section 89

(xxx)

(c) Foreign tax credit under Section 90, 90A or 91

(xxx)

Net tax liability

xxx

Less: Prepaid taxes (a) TDS deducted

(xxx)

(b) TCS collected

(xxx)

Total advance tax liability

Xxx

5

How to pay Advance Tax?

Steps to pay Advance Tax Step

1

Step

2

Visit https://www.incometax.gov.in/iec/foportal

Scroll down to ‘Our Services’ section to select ‘e-pay Tax’ section.

6

How to pay Advance Tax?

Step

3

Step

4

You will be asked to re-direct to new site. Click on Continue

Select Challan No./ ITNS 280 on the redirected page.

7

How to pay Advance Tax?

Step

5

Step

6

Fill the details in Challan No./ITNS 280

Click on ‘Proceed’ button Select Challan No./ ITNS 280 on the redirected page.

8

How to pay Advance Tax?

Step

7

Step

8

Check the information filled and tick the ‘I agree’ check box before submission to bank.

You will be redirected to the bank’s site for payment.

Login with your credentials

9

How to pay Advance Tax?

Step

9

Step

10

Fill the details of payment, click on ‘Calculate Total Amount’ and click ‘Continue’.

Enter the remarks and Submit

10

How to pay Advance Tax?

Step

11

Download the challan copy for future records

11

How to pay Advance Tax?

12

How to pay Advance Tax?

Our Associations INCOME TAX DEPARTMENT

INDIAN INSTITUTE OF BANKING & FINANCE

INCOME-TAX APPELLATE TRIBUNAL

NATIONAL INSTITUTE OF SECURITIES MARKETS An Education Initiative of SEBI

13

How to pay Advance Tax?

About TAXMANN Our mission at Taxmann is ‘Spearheading the pursuit of expertise & authenticity’. We at Taxmann strive to provide authentic and fastest reporting of information. We are proud to call ourselves the #1 source for everything on Tax and Corporate Laws in India. Our domain knowledge of more than 60 years has helped us in being trusted by more than 500K legal professionals across the country.

Taxmann Alliance is the only publishing house in India with complete backward and forward integration, right from self-owned paper printing unit to in-house research and editorial team, and finally reaching the readers through its own distribution network all across India.

The group has also ventured into the in-house technologies division since 2007.

Taxmann Alliance consists of four independent verticals: u

Research & Editorial Taxmann Research & Editorial comprises of an enthusiastic team of over 200 Legal associates. They are responsible for keeping the readers abreast of the latest developments in the judicial, administrative and legislative fields in the form of authentic articles and updates.

u

Sales & Marketing At Taxmann, we believe in marketing our products through various refined sales channels, with a diverse network of Dealers & Distributors and an in-house marketing team.

A quick preview of the strength of our sales is listed below: State

u

Talent Count

Delhi-NCR

50+

Maharashtra

50+

Gujarat

45+

Karnataka

25+

Tamil Nadu

15+

Andhra Pradesh & Telangana

15+

West Bengal

10+

Rajasthan

10+

Independent Dealers & Distributors, Pan-India

900+

Printing Tan Prints has been carrying out specialized printing jobs since the 1980s in their beautifully landscaped facility spread over 10,000 sq. meters. Tan Prints has a strong presence in Nigeria, Ghana, Ethiopia, Rwanda, Uganda and Kenya. It not only caters to reputed Book Publishers but also Governments, Universities and Institutes.

u

Technologies Taxmann’s excellent team of professionals offers the best in class end-to-end website and App designing, development and maintenance solutions.

14

How to pay Advance Tax?

Contact Us Taxmann Group Research & Editorial 21/35, West Punjabi Bagh, New Delhi – 110026 Mobile : +91-11-45662200 E-mail : editorial@taxmann.com

Printing - Tan Prints 44 Km. Mile Stone, National Highway, Rohtak Road Village Rohad, Distt. Jhajjar (Haryana) Phone : 01276-278155-56 Mobile : 9896514100 E-mail : sales@tanprints.com Technologies 10/43, West Punjabi Bagh, New Delhi – 110026 Phone : +91-11-46462222 E-mail : sales@taxmanntechnologies.com

Sales & Marketing Delhi 59/32, New Rohtak Road, New Delhi – 110005 (India) Phone : +91-11-45562222 For Support Enquiry E-mail : support@taxmann.com For Sales Enquiry E-mail : sales@taxmann.com

Mumbai 35, Bodke Building, Ground Floor, MG Road, Opp. Mulund Railway Station, Mulund (W), Mumbai - 400080 Phone : +91-022-25934806/07/09, 25644807 Mobile : 9322247686, 9619668669 Email : sales.mumbai@taxmann.com

Pune Office No. 14, First Floor, Prestige Point, 283 Shukrwar Peth, Opp.Chinchechi Talim, Nr. BSNL office, Bajirao Road, Pune-411002, Mobile : 822411811, 9834774266, 9322293945 Email : sales.pune@taxmann.com

Ahmedabad 7, Abhinav Arcade, Ground Floor, Nr. Bank of Baroda, Pritam Nagar Paldi, Ahmedabad – 380007 Phone : +91-079-26589600/02/03 Mobile : 9909984900, 9714105770, 9714105771 Email : sales.ahmedabad@taxmann.com

Hyderabad 4-1-369-Indralok Commercial Complex Shop No. 15/1 Ground Floor, Beside Hotel Jaya International Reddy Hostel Lane Abids Hyderabad – 500001 Mobile : 9391041461, 9322293945 Email : sales.hyderabad@taxmann.com

15

How to pay Advance Tax?

16