Deposit of Advance Income Tax is necessary to avoid Interest penalty in future. Each assessee should calculate their Income Tax for the current Financial Year and should deposit Advance Income Tax in time as per applicability. Percentage of Advance Tax due in particular date is given below :-
Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:
|Status||By 15th June||By 15th Sept||15th Dec||15th March|
Any tax paid till 31st March is treated as advance tax.
The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.