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Advance Tax

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Palani Kumar

31 Points Posted on 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

Replies (11)

Quick Summary

This discussion clarifies the possibility of paying advance tax after the March 15th deadline. While direct advance tax payments for the previous financial year (2020-21) are no longer possible, individuals can still pay via self-assessment tax. Paying now can help save on interest charges that would otherwise accrue until tax filing. The conversation also addresses the implications of using the advance tax code (100) versus the self-assessment tax code (300), confirming that payments made before March 31st are treated as advance tax and should be reconciled correctly.

Ankit Neema

2742 Points Posted on 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

24588 Points Posted on 05 April 2021

No you cannot deposit advance tax now

CA Puja Sharma

Chartered Accountant

5010 Points Posted on 05 April 2021

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

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.

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.