Are You Eligible:
Ways to Pay Advance Tax:
Below are the few easy steps to Pay Advance Tax without any Hassle -
· Pay it through tax payment challan at bank branches listed by the Income Tax
Department such as ICICI Bank, Reserve Bank of India, HDFC Bank, Syndicate
Bank, Allahabad Bank, State Bank of India and so on.
· You can also pay online through the Income Tax Department or National
Securities Depository (NSD) by following the below steps-
Go to the government website
1- You will see the option of the challan, Select the right challan
option to pay the tax
2- Fill all the required details like address, phone number, assessment year, bank
name etc. And follow the further instructions
3- Once done with the details mention part, we will be redirected to bank’s Net-
banking page and you are required to rechecked the income to be paid here
4- Now you’ll get details of your payment you made with the challan number
5- Lastly and most important is you’ll have to report your payment after you’ve
made it through adding an additional entry under the paid tax page.
How to Calculate Advance Tax:
· Exclude the Expenses- It is advisable to deduct your expenses from the income. These expenses include rent of the workplace, travel expense, internet and phone cost etc.
· Calculate Total Income- Add the additional income that you received from the sources like house rent, interest on FD accounts etc. Exclude the TDS deducted from your salaried account.
· Calculate the Slab- If your total tax due exceeds 10,000, then you are eligible to pay Advance Tax.
Being a responsible citizen, you’re liberate enough to make yourself up-to-date with any changes related to tax that influences your income. Paying the Advance Tax, you are not only up to your expectations and relax the stress level but also it helps in increasing the government funds.