Filing of income tax before its due date in a financial year is known as advance tax payment, by doing which individuals can reduce the tax liability, and avoid paying fines and penalties. For the financial year 2022-23 Advance Tax Payment Online last date is March 15, 2023 for paying 100% of advance tax liability, stay tuned to get detailed information about the same.
Advance Tax Payment Online
There are two options for making advance tax payment. To do this you can either go to your bank branch or pay online. Most people choose the second option because it can be done sitting at home in 5 minutes. For accepting advance tax payment, the Income Tax Department has come up with an online portal for the individual and business holder, with the help of which ADVANCE TAX PAYMENT ONLINE can be done very easily. If you want to know its complete process, then keep scrolling.
Advance Tax Eligibility
It the tax liability of an individual, hindu undivided family, association of persons, body of individuals, company, and local authority is ₹10,000 or more after payment of tax deducted at source (TDS) in the current fiscal year then he/she is eligible to pay Advance Tax Payment.
The Income Tax Department has implemented advance tax payment so that the taxpayer can reduce the burden of depositing a huge amount at one go, If you are eligible for advance tax payment, then with the help of the procedure given below, you can pay 100% tax liability by the last date i.e. March 15, 2023.
How to pay Advance Tax online?
To make advance tax payment, it is mandatory to have his/her PAN, Assessment Year, email address, contact number, etc, before sitting for paying advance tax payment, make sure to arrange all the required documents and credentials. Let us now know how you can make advance tax payments online.
- Go to the official website of Income Tax Department, Government Of India, which is accessible only at https://www.incometax.gov.in/.
- Under the section of Quick Links, you will find an option of the e-Pay Tax, tap on it to get redirected to another page.
- Fill in your PAN and Mobile Number and then hit the Continue button.
- Choose tax applicable as (0020) Corporation Tax (Companies) and payment as (100) Advance Tax.
- Now, you have to pay the amount using the Debit / Credit Card or NET Banking.
After paying the Advace Tax Payment Online make sure download and print the challan for the further reference.
Advance Tax Payment Last Date
Due date for advance tax payment for individuals and corporate for financial year 2022-23 are different from one another, go through the tables and know last date for paying advance tax liabilities.
Individuals
| Amount | Last Date |
| At least 15% of total amount advance tax liability | 15th June 2022 |
| At least 45% of total amount advance tax liability | 15th September 2022 |
| 100% of total amount advance tax liability | 15th March 2023 |
Business
| Amount | Last Date |
| At least 15% of total amount advance tax liability | 15th June 2022 |
| At least 45% of total amount advance tax liability | 15th September 2022 |
| At least 75% of total amount advance tax liability | 15th December 2022 |
| 100% of total amount advance tax liability | 15th March 2023 |
Businesses registered under the presumptive taxation scheme mentioned in Sections 44ADA and 44AD of the Income Tax Act are not required to make advance tax payments.
Advance Tax Payment Refund
Such a person or business owner who has paid advance tax amount more than the actual amount can claim for refund, for which he/she has to download the application refund form by visiting the official website of Income Tax and make print copy after to fill it with blue or black. After filling all the details correctly he/she need to submit it to respective bank branch with all required documents, after that refund will be received within 2 to 3 weeks.