Income Tax payment for a salaried Tax payer

[bhsiddharth]

Hi all,

I am a normal salaried person. I wanted to know the following:

1. Can advance tax be paid by a salaried person manually using income tax portal?
2. Even though TDS is deducted till date for the year, can I pay advance tax for cc usage purpose and show the same to the company so that no further TDS is deducted?
3. Is there a limit on number of times I pay advance tax? Or I can pay every month?

TIA

 

[vysakh]

Do you file your taxes on your own? Is the amount you by gain/save using the credit card significant enough to offset all the hassle?

Or do you use paid services from a portal or a CA to file the taxes? In which case, will it be worth the money?

 

[bhsiddharth]

Do you file your taxes on your own? Is the amount you by gain/save using the credit card significant enough to offset all the hassle?

Or do you use paid services from a portal or a CA to file the taxes? In which case, will it be worth the money?

What is the hassel? Didn’t get you?

 

[rp0703]

Hi all,

I am a normal salaried person. I wanted to know the following:

1. Can advance tax be paid by a salaried person manually using income tax portal?
2. Even though TDS is deducted till date for the year, can I pay advance tax for cc usage purpose and show the same to the company so that no further TDS is deducted?
3. Is there a limit on number of times I pay advance tax? Or I can pay every month?

TIA

1. As a salaried person you don't need to pay advance tax unless tax liability on income other than salary is more than Rs. 10000. But yes you can very well pay advance tax even if you are only earning through salary.
2. You can intimate the company about the advance tax payment, so that they can adjust the TDS amount with advance tax.
3. There's no limit on number of times you can pay advance tax. Also you can pay every month also.

 

[CA Karan Agarwal]

1. Advance tax can be paid by anyone, even salaried.
2. Paying advance tax will not absolve the liability of your employer for tds so he might not accept your advance tax challan as tax payment against your salary income. However excess tax paid by you can be claimed as refund in your ITR
3. No limit on amount/number of times on advance tax you can be in a year.

 

[bhsiddharth]

1. As a salaried person you don't need to pay advance tax unless tax liability on income other than salary is more than Rs. 10000. But yes you can very well pay advance tax even if you are only earning through salary.
2. You can intimate the company about the advance tax payment, so that they can adjust the TDS amount with advance tax.
3. There's no limit on number of times you can pay advance tax. Also you can pay every month also.

1. Advance tax can be paid by anyone, even salaried.
2. Paying advance tax will not absolve the liability of your employer for tds so he might not accept your advance tax challan as tax payment against your salary income. However excess tax paid by you can be claimed as refund in your ITR
3. No limit on amount/number of times on advance tax you can be in a year.

Thank you

 

[NOOBY]

Can advance tax be paid by a salaried person manually using income tax portal?

Try talking with your finance team first whether they approve advance tax payment receipts or not. If they dont, then it would be un-necessary headache for you.

If you plan to achieve milestone benefits by paying advance tax of 1L per month, and then adjust that with TDS, it would make sense only if your finance team is going accept those receipts and adjust TDS accordingly. But if they don't accept it and you pay like 5L in advance tax and then claim for refund, IT will churn you out with questions

 

[bhsiddharth]

Try talking with your finance team first whether they approve advance tax payment receipts or not. If they dont, then it would be un-necessary headache for you.

If you plan to achieve milestone benefits by paying advance tax of 1L per month, and then adjust that with TDS, it would make sense only if your finance team is going accept those receipts and adjust TDS accordingly. But if they don't accept it and you pay like 5L in advance tax and then claim for refund, IT will churn you out with questions

No, my intention is genuine tax payment but via CC and not as TDS.

 

[Shadab_1]

If it weren't such a hassle and every company accept it, It would be so easy to achieve Magnus 1L milestone every month

 

[RajBlr]

No, my intention is genuine tax payment but via CC and not as TDS.

If you have other income and you wanted to pay advance Tax that works as well in addition to your Employer TDS on income.

like FD, MF redemption or stock sale etc. for which you need to pay the TDS (Say bank deducts 10% TDS on FD, then you need to pay the remaining as per your Income slab)