Difference between Advance Tax vs Self Assessment Tax explained in Hindi.
What are the timeline to pay for these taxes? What are the interest penalty if advance tax not paid? Exemption to Senior citizens on advance tax? Is it True?
#AdvancedTaxvsSelfAssessment #AdvancedTaxinHindi #SelfAssessmentHindi

Self-assessment tax is paid before filing the I-T returns. During tax filling if you realize that some small amount of tax is still due after considering TDS, advance tax then you pay self-assessment tax. It normally paid in assessment year.
When you have source of income other than salary like capital gains on shares, interest on fixed deposits, winnings from lottery or races, and capital gains/rent on house property and its more tha Rs 10,000 then a person has to pay advance tax. You pay this tax in same year in which you earn above money and before 15th March i.e in same financial year
Professionals (self-employed) and businessmen need to pay taxes in advance as they do not have auto TDS by employer.
Q What are the timeline to pay for these taxes
Self-assessment tax can be paid any time or normally paid at time of filling IT return. Advance tax need to be paid on or before 15th June, 15th September, 15th December and 15th March, for amount of 15%, 45%, 75% and 100%.
Taxpayers under presumptive taxation scheme for section 44AD/44ADA can pay 100% of the advance tax in a single installment up to 15th March.

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