Step 5: Make the payment. Save a copy of the payment challan for when you’re filing the ITR for your business.What is Advance Tax Late Payment Interest?If a taxpayer fails to pay the advance tax instalment on time, they are liable to pay an interest penalty under Section 234B and ...
After you make this payment, a Challan Identification Number (CIN) will be provided to you. It must be preserved and produced while filing Income Tax returns. Generally, we earn an income in the current FY and pay income tax in the upcoming AY. However, this isn’t the case with ...
If the total tax payable in a financial year is Rs. 10000 or more, then a person has to pay Advance tax. Advance tax meansincome taxshould be paid in advance instead of lump sum payment at year-end. You pay this tax in the financial year preceding the assessment year in four installme...