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Advance Tax


Palani Kumar   05 April 2021

Palani Kumar

 17 points

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Hi

Can we pay advance tax now as got details on Bank Interest now. I know the last date was March 15th.

Is there any difference on late fee or penalty amount if we pay now or pay during tax filing time. 

Please clarify.

Thanks

Kumar

Ankit Neema

Ankit Neema   05 April 2021

Ankit Neema

 34 likes  724 points

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Now you cannot pay the advance tax for the FY 20-21. But you Can Deposit as self assessment tax.

Sourav

Sourav (Student)     05 April 2021

Sourav
Student 
 514 likes  8445 points

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No you cannot deposit advance tax now
CA Puja Sharma

CA Puja Sharma (Chartered Accountant)     05 April 2021

CA Puja Sharma
Chartered Accountant 
 13 likes  225 points

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Deposit the tax now, this will sav your interest on late payment by a few months. 

Mujeeb Doi

Mujeeb Doi   05 April 2021

Mujeeb Doi

 15 likes  211 points

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Yes, if you pay today, the interest applicable on advance taxes, from today till date of filing return can be saved
Kapadia Pravin

Kapadia Pravin   05 April 2021

Kapadia Pravin

 1094 likes  17184 points

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You are welcome as you are paying earlier. Definitely you save on interest
Palani Kumar

Palani Kumar   05 April 2021

Palani Kumar

 17 points

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Thank you all for your kind reply.

What will happen if I paid with Advance Tax code (100) rather than Self assessment Tax (300) now. Is there any difference or just they will consider both as Income Tax. 

Mujeeb Doi

Mujeeb Doi   05 April 2021

Mujeeb Doi

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Advance tax code 100 will now be applicable for FY 2021-22
Palani Kumar

Palani Kumar   05 April 2021

Palani Kumar

 17 points

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I have paid 30th March with the code 100 for FY 20-21 and AY 21-22. What will happen this payment.

Kapadia Pravin

Kapadia Pravin   05 April 2021

Kapadia Pravin

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Originally posted by : Palani Kumar
Thank you all for your kind reply.

What will happen if I paid with Advance Tax code (100) rather than Self assessment Tax (300) now. Is there any difference or just they will consider both as Income Tax. 

It's okay. Not to worry


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