Yesterday, 15 March, was the last day to pay the final installment of advance tax deadline for this financial year. This has to be paid by individuals whose net liability remains ₹10,000 or more, even after tax deducted at source (TDS), tax collected at source (TCS), and tax credits have been taken into account.
A day after the deadline, we explain how you can check and download your challan, what to do in case there was a mistake, and a stepwise guide on how you can make corrections.
What is advance tax? What are the deadlines?
A “pay-as-you-go” system of taxation, advance tax is paid in installments on estimated tax for the financial year. It is to be paid through the official income-tax portal here — https://www.incometax.gov.in/iec/foportal/ (direct link).
The advance tax payment is made through a certain percentage of the four instalments as follows, annually:
- 15 June: 15% of total
- 15 September: 45% of total tax liability
- 15 December: 75% of total tax liability
- 15 March: 100% of total tax liability
Who pays advance tax? What is the penalty for missing deadlines?
This is usually paid by those earning as consultants, freelancers, or from asset sale, rental property income, interest earned on , and/or capital gains from mutual funds and stocks. However, senior citizens (60 years and over), who do not own a business or get professional income, are excluded.
Taxpayers who either miss the instalment or pay less than the required amount are liable to pay of 1% per month on the unpaid portion of the tax. Further, if you pay less than 90% of the total tax liability by 15 March, interest under Section 234B may continue to apply on the remaining amount till dues are fully cleared.
How to check advance tax payment status, download challan?
- You can check the status of your advance tax payment challan here — https://tin.tin.nsdl.com/oltas/index.html
- Select CIN view. CIN is the Challan Identification Number.
- Enter the required details and the challan will be displayed.
- Besides this, you can also check the list of in your Form 26AS.
- The Form 26AS is available on the I-T portal after you login.
How can I rectify mistake made in advance tax payment challan?
You can view your online challan and choose the correction feature to change assessment year (within seven days of payment), major head and minor head (within 30 days).
No payment / amount related changes can be made. For the corrections that cannot be made on the e-filing portal, can contact your jurisdictional assessing officer (find out who from e-filing portal under ‘Know Your AO’) to make corrections in the challan details, according to Clear Tax.
Here’s a step-by-step guide to make corrections to tax challan:
- Log in to the e-filing ITR portal
- Select “Challan Correction” from the services tab and click on “Create Challan Correction Request”
- Choose the correction type: , major head, or minor head
- Enter either the Assessment Year or Challan Identification Number (CIN)
- Choose the relevant challan for correction and make the changes.
- Verify changes using Aadhaar OTP, Digital Signature Certificate (DSC), or Electronic Verification Code (EVC) through net-banking, Demat, or bank account.
- You will receive a success message and transaction ID which can be used to track status of correction.