The government treasury has grown rapidly in the case of advance tax. According to the data till June 16, the government’s advance tax collection has reached Rs 1.48 lakh crore.
The government treasury has grown rapidly in the case of advance tax. According to the data till June 16, the government’s advance tax collection has reached Rs 1.48 lakh crore. This is about 28 percent more than last year. Net direct tax collection was Rs 4.62 lakh crore, which is about 22 percent more than last year.
On the other hand, if we talk about net corporate tax, it has reached Rs 1.60 lakh crore. The government’s earnings from net personal income tax have reached Rs 3.79 lakh crore. Apart from this, gross tax has reached Rs 5.15 lakh crore, which is 22.89% more than last year.
What is advance tax?
Advance tax is a type of income tax, which has to be deposited with the Income Tax Department before the end of the financial year. It is not paid in lump sum on an annual basis like normal tax, but is deposited in installments. Under this, taxpayers deposit the tax in advance with the Income Tax Department.
Who has to pay advance tax?
Advance tax has to be paid by those people whose tax liability is more than Rs 10,000. This applies to employed people, freelancers, traders and people who earn money in any other way. However, if you are above 60 years of age, those who do not do any kind of business are exempted from advance tax.
When is advance tax to be paid?
Advance tax is not to be paid in lump sum once a year like normal tax, but has to be paid in installments. It has to be paid every quarter. Its date is fixed by the Income Tax Department. For the financial year 2022-23 and 2023-24, these dates are 15 June, 15 September, 15 December and 15 March.
How much advance tax is to be paid?
Although advance tax is paid in installments, it is calculated for the whole year. You have to calculate in advance how much tax can be levied on you in a year. You can calculate tax on the remaining income as per your tax slab by removing deductions from your income.
After this, you will have to pay at least 15% of your advance tax on 15 June. 45% of the advance tax has to be paid by 15 September, 75% of the advance tax by 15 December and 100% of the advance tax by 15 March.
