Do you pay your taxes on time? Are you aware of all the rules and regulations associated with it? Is it difficult for you to find the right collection of information on taxes? Don’t worry, we’ve got you covered. The following article demonstrates every necessary information and step that you need to pay your taxes properly and in time. It covers the when, how and how much of the tax that you need to pay. Follow the guidelines mentioned in the article and stay away from the responsible authorities over the long run.


Step by step Guide:

When do I need to pay the taxes?

A tax payer will not be able to pay their tax returns until they clear out their tax due, all in full. A lot of times you will find some payable amount of tax during the time of tax return filing. You are required to pay the income tax online. This allows for successful filing of returns online later on too. In case you’ve delayed your tax payment post 31st of March, you will then have to complete the payment of interest under 234B and 234C.

For individuals, the normal date of payment of advanced tax for the financial year 2016-2017 is as follows:

  • On or before 15th of June for up to 15% of tax.
  • On or before 15th of September for up to 45% of tax.
  • On or before 15th of December for up to 75% of tax.
  • On or before 15th of March for up to 100% of tax.


How to calculate your advanced taxes?

The following procedure demonstrates the right method to calculate the right amount of advanced tax that you are liable to pay. You are liable to pay income tax in advance if you have dues exceeding 10,000 INR. Typically, the income tax returns are taken care of through the appropriate TDS returns filing done through the employer of a salaried person.

The steps to calculate your tax dues are:

  1. Determine your total income
  2. Freelancers are required to deduct their expenses
  3. Deduction allowances
  4. Calculate tax due on total income based on slabs provided.

Ensure that you have cleared your tax dues as per the provided tax instalments given below. Any miscalculation may cause you file your returns once again which is a very long and hectic procedure that you want to avoid.


How to pay income tax?

It is very easy to pay your income tax. Simply follow the steps described below and pay your taxes on the go without any issue whatsoever.

  • Challan 280: Visit the government’s tax department website. Download and fill the Challan 280.
  • Fill out all of your personal information or details as asked. A piece of advice; for individual people filling out tax, ensure to fill the assessment year very carefully.
  • Cross check all the information that you’ve filled and you click submit. You will then be redirected to the payment gateway portal for payment of the taxes.
  • Once the payment is done, verify the same on the receipt as well.