🧾 What is Advance Tax & Self-Assessment Tax?

Advance Tax refers to the income tax paid in installments during the financial year, instead of paying it at year-end. Applicable when your tax liability exceeds ₹10,000/year (after TDS).
Self-Assessment Tax is paid after year-end to settle any remaining tax liability before filing the Income Tax Return (ITR).

Failure to pay in time results in interest and penalties under Sections 234B and 234C.

✅ Who Should Pay Advance or Self-Assessment Tax?

Taxpayer Type Applicable Tax
Salaried employees with other income Advance Tax
Freelancers, professionals, consultants Advance Tax
Businesses under regular scheme Advance Tax
Taxpayers with low or no TDS Advance Tax
Anyone with pending tax before filing Self-Assessment Tax

📑 Documents & Information Required

  • PAN
  • Last year’s ITR
  • Current year estimated income
  • Details of TDS already deducted (Form 26AS)
  • Investment declarations & deductions (80C, 80D, etc.)
  • Asset sale details (if any)
  • Bank and interest income statements

🛠️ Services Included

  • Estimation of total tax liability for the year
  • Calculation of quarterly Advance Tax dues
  • Challan generation and online tax payment (Challan 280)
  • Reconciliation with Form 26AS
  • Computation of Self-Assessment Tax (if shortfall exists)
  • Guidance on interest penalties (if delayed)
  • Proof preparation for return filing

📋 Payment Calendar

Due Date Installment % Remarks
15th June 15% First Advance Tax installment
15th September 45% total Second installment
15th December 75% total Third installment
15th March 100% total Final installment

Self-assessment tax should be paid before filing the ITR.

💡 Why Choose SITPakz Solution (SSPL)?

  • ✅ Expert calculation and guidance on tax estimates
  • 🧾 Avoid penalties under Sec 234B/C
  • 💡 Personalized tax-saving tips and projections
  • 🔐 Secure online payment and tracking
  • 🖥️ Annual or quarterly plans available for regular filers

💬 Frequently Asked Questions (FAQs)

Q. Is advance tax applicable to salaried individuals?
➡️ Yes, if you have other income like rent, capital gains, or interest with no TDS.

Q. What if I don’t pay advance tax on time?
➡️ Interest is charged under Sec 234B and 234C. Delay beyond due date increases penalty.

Q. How do I pay advance tax?
➡️ It is paid online through Challan 280 on the income tax portal.

Q. Is self-assessment tax different from advance tax?
➡️ Yes. Self-assessment is paid at the time of ITR filing to adjust final shortfall, while advance tax is paid during the year.