Step by step guide:
When do I have to pay taxes?
A taxpayer will not be able to pay his returns until he pays his tax due, in full. Many times he will find an amount of tax to be paid during the time of filing the return. You are required to pay income tax online. This also allows for the successful filing of returns online at a later time. In case you have delayed your tax payment after March 31, you must complete the interest payment according to 234B and 234C.
For natural persons, the normal date of payment of the advance tax for the 2016-2017 financial year is as follows:
On or before June 15 for up to 15% tax.
On or before September 15 up to 45%.
On or before December 15 for up to 75%.
On or before March 15 up to 100%.
How to calculate your advance taxes?
The following procedure demonstrates the correct method for calculating the correct amount of advance tax due. You are required to pay income tax in advance if you owe more than INR 10,000. Generally, income tax returns are made through the filing of appropriate TDS returns made through the employer of a salaried person.
The steps to calculate your tax due are:
Determine your total income
The self-employed are obliged to deduct their expenses
Deduction bonuses
Calculate the tax due on the total income based on the slabs provided.
Make sure you have settled your tax due based on the tax rates provided below. Any miscalculation can cause you to file your returns all over again, which is a very long and hectic procedure that you want to avoid.
How to pay income tax?
It is very easy to pay your income tax. Simply follow the steps below and pay your taxes on the go with no hassle.
Challan 280: Visit the website of the government tax department. Unload and fill the Challan 280.
Fill in all your information or personal details as requested. A little advice; For individual tax filers, be sure to fill out the assessment year very carefully.
Check all the information you have filled in and click submit. You will then be redirected to the payment gateway portal for tax payment.
Once the payment is made, check the same on the receipt as well.
