Individuals who have sources of income other than their salaries must pay tax in advance. This applies to other incomes such as rent, capital gains from stocks, fixed deposits, lottery prizes, etc. It is possible to pay it online or through specified banks.
Advance tax payment is also referred to as the ‘Pay as you Earn’ plan. If your tax limit exceeds Rs.10,000 in a fiscal year, you must pay the tax. The tax must be paid in the same year as the income is received.
Tax payment challans can be used to pay advance tax at bank branches authorized by the Income Tax Department. It is possible to deposit it in authorized banks such as ICICI Bank, HDFC Bank, Syndicate Bank, Allahabad Bank, State Bank of India, Reserve Bank of India, etc.
Another method of paying advance taxes is through the Income Tax Department’s online tax payment website or the National Securities Depository.
If the Income Tax Department finds that you paid more tax than you should have, it will reimburse the difference at the end of the year.
Taxpayers can request a refund by completing and submitting Form 30. They must submit their claim within one year of the end of the assessment year.
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