Advance tax for IT services

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20 Points Posted on 01 December 2020

So I was unaware of advance taxation cause I was previously salaried so I didn't pay any advance tax for first 2 quarters. How much will be my fine for that! Presumption of Income (Till March) is around 16 lakhs how much should I pay before dec 15th. 

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On 01 December 2020 at 20:11 Report
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This discussion addresses advance tax obligations for IT professionals who were previously salaried and may have missed initial payment deadlines. It clarifies the penalty for not paying advance tax in the first two quarters and advises on the amount to pay by December 15th, which is 75% of the total estimated tax liability. The user is seeking guidance on calculating this payment for an estimated income of 16 lakhs.

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12244 Points Posted on 02 December 2020
You need to pay 75% of tax as advance tax by on or before 15th December
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On 02 December 2020 at 01:17
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205 Points Posted on 02 December 2020
75% of tax to be paid on or before 15 december or tell your employer to deduct TDS from your salary
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On 02 December 2020 at 06:19

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