Advance Tax Payment Procedure

Written by KnowYourGST Team under GST

What is advance tax?

Under Income tax act, advance tax is the mechanism by which Central Government collects taxes payable in the assessment year in previous year itself.
Example : Tax payable for the financial year 2018-19 is payable in the assessment year 2019-20. To speed up the collection process Government collects Income tax in advance, that is in financial itself, 2018-19 in this case.

How do I pay advance tax online

To pay  advance tax visit https://www.incometaxindiaefiling.gov.in.

On left side of the page, click on 'e-Pay Tax' marked in blue color.

Advance tax payment

You will be then taken to NSDL website.

Click on 'Challan No/ITNS 280' shown below.

Advance tax payment

Fill all the particulars of the form.

Advance tax payment

  • If you are 'Company' select 'Corporation Tax (Companies), in all other cases select 'Income Tax (Other than Companies)'
  • Select appropriate assessment year.
    'Assessment year' is the year following previous/financial year.
    Previous year is same as financial year.
    For example, if you are paying advance tax in 2018-19, then previous/financial year is 2018-19 and assessment year is 2019-20.
  • Fill your contact details, contact details need not match with those registered on Income tax website.
  • Under 'Type of Payment' select 'Advance Tax'
    You can see that same form can also be used to pay self assessment tax, except TDS.
  • Fields not mentioned above are self explanatory.
  • Review once, and click on 'proceed'.
  • After you click on proceed you will see below page -
    Advance tax payment
    See that your name and financial year displayed are correct
  • Click on 'Submit to the Bank'.

You will be redirected to your bank website, select mode of payment and hit 'submit'

Enter login credentials, and then you will be taken to tax payment page, where you will have to enter tax amount.

Advance tax payment

Fill tax amount, and hit 'confirm'.

In next page, you will be asked to confirm. If everything is correct, hit 'confirm'.

That's it. Download the receipt in PDF and save.

How do I pay advance tax offline, if I do not have internet banking?

To pay advance tax offline, download challan 280. Fill the form and submit it to your banker.

Author
Posted by CA Ankit Sharma under Income-Tax

I am CA, you can contact me for resolving all your tax queries. Reach me at ankitsharma1141@gmail.comContact

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