Advance Tax

Income Tax || Advance Tax

Advance Tax Summary →
Advance tax is the payment of income tax in installments throughout the financial year based on an estimated income. Rather than a lump sum payment at the end of the year, taxpayers are required to remit their tax liabilities progressively, in line with the schedule prescribed by the Income Tax Department.

Who Is Required to Pay Advance Tax :
  1. Salaried Individuals, Freelancers, and Businesses : 
    1. If your total tax liability exceeds ₹10,000 in a financial year, you are required to pay advance tax.
  2. Senior Citizens :
    1. Individuals aged 60 and above who do not have business income are exempt from advance tax.
    2. However, senior citizens with business income are obligated to pay advance tax.
  3. Businesses Under Presumptive Taxation (Section 44AD) :
    1. Taxpayers who have opted for presumptive taxation must pay their entire advance tax by 15th March. They may also settle the tax by 31st March.
  4. Professionals Under Presumptive Taxation (Section 44ADA) :
    1. Professionals such as doctors, lawyers, and architects who fall under the presumptive taxation scheme are required to pay their full advance tax by 15th March, with an option to pay by 31st March.
Advance Tax Installment Schedule :
      

This structured system ensures that taxpayers can manage their obligations incrementally, minimizing the financial burden at the end of the fiscal year and maintaining compliance with tax regulations.

To Enter Advance Tax Details in the Software :
  1. Navigate to "Transactions → Tax Detail".
      
  1. Click on the Advance Tax button.
      
  1. Enter the required information, including: Amount, Challan No., Bank Name, Branch Name, BSR Code
  2. Save the details.

Note:
These details are also available in the Annual Information Statement (AIS). After importing the AIS data, relevant information will be automatically fetched from the Insight-Reporting Portal.

For AIS Import :  Please follow the steps in the AIS IMPORT PROCESS.

This guide should clarify the steps for data entry and AIS portal import.

    • Related Articles

    • Zen IT || AIS Import Process

      What is the Annual Information Statement (AIS) ? The Annual Information Statement (AIS) serves as a comprehensive snapshot of a taxpayer's information as displayed in Form 26AS. Taxpayers are afforded the opportunity to furnish feedback regarding the ...

    • Income Tax || TDS Details

      To enter TDS/TCS details in the software, please follow the process outlined below: Steps for Manual Entry of TDS/TCS Details : Navigate to "Transactions → Tax Detail". By default, the TDS Details section is selected. If you're entering details ...

    • Income Tax || Self Assessment tax

      Self Assessment Tax → Upon filing your income tax return, any TDS (Tax Deducted at Source) or advance tax paid during the financial year is offset against your total tax liability. If a balance remains due after this, it is classified as ...

    • Express ITR || 26AS/AIS Data Import Process

      Note : The software provides an automated process for handling 26AS or AIS data, eliminating the need for manual entry. Using this feature, you can seamlessly import 26AS or AIS data through a straightforward, guided process. Steps to Import 26AS or ...

    • Income Tax || How to import salary details from TDS software

      Solution: To import salary details in Income Tax module from TDS software you please go to Transactions > Salary Income option given in menu bar. Here, click on TDS Salary Import button and you will get the list of Deductors. Message appears - Just ...