I have been asked several times that as a Salaried Individual, do we need to pay the Advance Tax. And the answer is yes, we do need to pay the advance tax only if the income tax is above Rs 10K. As a Salaried Individual, our TDS is deducted from the employer and that happens every quarter.
Now as a Salaried Individual, if you do anything else other than salary like stock trading, freelancing ot even getting rent or interest then you are required to pay the income tax. Most of the Salaried people doesn't know it and comes to know only at the time of filling the tax. But if you are not paying then Government charges prnalty interest on non payment of advance tax.
I gave created the video on yhe scenario where you have to pay the advance tax and what is the procedure. And I have also shown how to pay the advance tax online. And at the same time I have paid the advance tax of Rs 10K because I do have some tax pending from the stock market and interest income. I have done a rough calculation and I have paid 10K na dif it's less I will get the refund back and if the tax is more then I will pay more. And I have saved around Rs 500 because otherwise there will be a prnalty.
15th March is the last date for paying yhe advance tax. So if you have not paid the advance tax and if your liability is more than Rs 10K, then you can also pay and save yourself from the penalty. Please watch the video to know more about the Advance Tax and its implications on the Salaried Individuals.
