Due Date for Tax Audit and ITR Filing extended to 15th October 2018

CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept,2018 to15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain

— Income Tax India (@IncomeTaxIndia) September 24, 2018

Advance Tax Reminder

15th September (Saturday) is the due date for Second Installment of Advance Tax for FY 2018-19. You must pay 45% of your tax liability for AY 2019-20 before this date to avoid interest penalty u/s 234A

Who needs to pay Advance tax?

·         Business owners, Freelancers & Professionals

·         A salaried individual who earns income by way of house rent, bank interest or capital gains

·         Traders trading F&O and stocks.

·         Assessees opting for Presumptive Taxation Scheme need to pay 100% advance tax liability in a single installment on or before 15th March 2019

How do you pay?

You can pay advance tax online as well as offline.

Online payment: To pay it online, you can login to the income tax website and click on the “e-Payment of Taxes” tab, which will direct you to the payment website. You can also get to the tax payment website directly at tin-nsdl.com. Here, under the “Services” tab, you will find the “e-payment” option where you can pay your tax. To pay advance tax, select Challan 280. Once you put in the required details, you can choose the netbanking option to make the payment online.

On successful payment, a challan counterfoil will be displayed containing the challan information number, payment details and bank name through which e-payment was made.

What if you don’t pay?

If you fail to pay the advance tax as stipulated, the due taxes attract interest.