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Advance Tax

Palani Kumar (30 Points)

05 April 2021

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

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11 Replies

Ankit Neema (2742 Points)
Replied 05 April 2021

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

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 05 April 2021

No you cannot deposit advance tax now

CA Puja Sharma (Chartered Accountant) (4874 Points)
Replied 05 April 2021

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

Mujeeb Doi (309 Points)
Replied 05 April 2021

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

Kapadia Pravin (17249 Points)
Replied 05 April 2021

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

Palani Kumar (30 Points)
Replied 05 April 2021

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 (309 Points)
Replied 05 April 2021

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

Palani Kumar (30 Points)
Replied 05 April 2021

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

Kapadia Pravin (17249 Points)
Replied 05 April 2021

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.