It is really simple to pay advance tax online.
The Process for Advance tax Payment is as follows:-
Step 1:- Calculate the Advance Tax Liability-75% of the Total Tax Liability should be paid-3rd Installment of Advance Tax -Due date 15th Dec 2022
Step 2:- Login at Income Tax Portal
Step 3:- Create the Advance Tax Challan
Step 4:- Select the mode of payment
Step 5:- Make the Payment
Step 6:- Download and Save the Challan
Let us understand the above steps in details
Step-1 Calculate the Advance Tax Liability – 75% of the Total Tax Liability should be paid
Let us understand this with the help of example
Let us assume that the total Income for the Year will be Rs. 10,00,000.00
And the Tax System Opted is New Regime
Thus Total Tax Liability for the Year will be 79,400.00
Let us assume that the Advance tax deposited in First and Second Installment is total Rs. 50,000.00
So the Advance Tax that needed to be paid in 3rd Installment is as follows
Total Tax Liabilty for the Year (A)
79,400.00
| 75% of the total Tax Liabilty (B) | 59,550.00 | |||
| Total Advance Tax Already Paid (C ) | 50,000.00 | |||
| Advance Tax Payable (B) – (C ) | 9,550.00 | |||
| Tax Payment Bifurcation | ||||
| Basic Tax | 9,183.00 | |||
| Health Cess | 367.00 | |||
| Total Tax | 9,550.00 |
Step 2:- Login at Income Tax Portal
Login at www.incometax.gov.in
Step3: Create the Advance Tax Challan
Click on the Menu Options – Horizontal Three lines as shown in the screenshot
Select the Option -“e-File”
Select the Option -“e-Pay Tax
Click on the Button “New Payment”
Select the Option for Advance Tax and Proceed
Select the Assessment Year as 2023-24
Select the Option as Advance Tax and then select the option continue
Fill up the amount of tax, health cess and surcharge
Step 4:- Select the mode of payment
There are lot of tax Payment Options available
Tax can be paid via Net Banking, Debit Card, RTGS, NEFT, Payment Gateway or by visiting the Bank as well
We just need to select the relevant option for payment of tax
Step 5:- Make the Payment
After selecting the method of payment, we need to make payment of advance tax
Step 6:- Download and Save the Challan
After Payment of Advance Tax, please ensure to download the copy of Challan
Key Note: While Making Payment of Advance tax, one must ensure the following to avoid any trouble
The Assessment Year is selected Properly.
The Amount of Tax is filled correctly.
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