Understanding Advance Tax Payment

1. What is Advance Tax? Pay taxes in instalments throughout the year. Applicable if tax liability exceeds INR 10,000 after TDS and relief. Helps avoid large year-end payments. 2. Payment Methods: Online via IT Portal Offline via Bank Branch

Online Payment Steps: Visit e-filing portal: Login using PAN or Aadhar. Navigate to e-pay tax: Under e-file, select e-pay tax. New Payment: Click on new payment to create a challan. Select Income Tax: Choose advance tax payment. Enter Details: Provide assessment year and payment type. Tax Amounts: Enter break-up details, continue to payment. Payment Mode: Select net banking, card, UPI, etc. Make Payment: Agree to terms, submit payment. Download Challan: Available after successful payment.

Offline Payment Steps: Visit Bank Branch: Ask for Challan 280 form. Fill Details: Complete form with necessary info. Submit and Pay: Submit form and pay by cash/cheque. Receive Receipt: Bank processes payment, provides stamped receipt.

Keep Receipts Safe Reflects in Annual Information Statement (AIS). Proof of payment essential for future reference.