• Notification Date: 16-06-2023
• Notification No: N/A

Pay your First Instalment of Advance Tax by 15th June 2023

The Income Tax Department had reminded the first instalment of the Advance Tax Payment. The taxpayers can pay 15% of the estimated tax liability by 15th June 2023. Additionally, you can use the Advance tax calculator on the income tax website to determine the advance tax. According to the anticipated revenue for the fiscal year, advance tax refers to the payment of income tax in advance. It is a way of paying taxes all year long as opposed to waiting until the conclusion of the fiscal year to pay the tax debt. Individuals, salaried employees, independent contractors, professionals who work for themselves, and enterprises are all subject to advance tax. 

The Section 208 of the Income Tax Act, 1961 mandated every assessee whose estimated liability for the year is Rs. 10,000 or more will have to pay the advance tax on or before June 15th 2023.  

Mode of Payment 

The E- Payment is available for the payment of advance tax and it is mandatory for all corporates and the assessees whose accounts are required to be audited under Section 44AB of the Income Tax Act, 1961. This facility is also available for other taxpayers and it also ensures the correct credit. 

Steps to Pay Advance Tax Payment 

1. Go to Income Tax Portal  

2. Click ‘e-pay tax’  

3. Enter Your PAN number and Password  

4. Click on “Advance Tax” and choose the payment method  

5. You can pay the amount by clicking the “Pay Now” button, and you’ll get a receipt as proof of your payment. Recognise the same.