Mahender Busa Professionel service

📌 Reminder: Link Aadhar with PAN:

📰 Check if your aadhaar is linked with PAN or not:

https://www.pan.utiitsl.com/panaadhaarlink/forms/pan.html/panaadhaar

If not linked then you need to pay a fee of Rs.500 if linked up to 30th June 2022
Or a fee of Rs. 1000 if linked till 31st March 2023.

If you do not link till 31/03/2023 then your PAN shall become inoperative

Steps to link aadhaar and PAN:
https://www.incometax.gov.in/iec/foportal/help/how-to-link-aadhaar

Advance Tax – A brief analysis

As the name suggests, it is a tax paid in advance instead of paying lumpsum after the year ends.

Hence, it also known as “Pay as you earn” tax.

Advance Tax has to be paid when you earn income other than salary.

It is only payable when and if the annual income tax payable is more than INR 10,000/-

The due dates of payment of advance tax are as follows :-

15% of tax payable, on or before 15th June
45% of tax payable, on or before 15th September
75% of tax payable, on or before 15th December
100% of tax payable, on or before 15th March

However, if you are opting for presumptive taxation scheme (section 44AD) you can choose to pay 100% of advance tax in one installment on or before 15th March.

Penalty / Interest for non-payment of Advance tax :-

234B – 1% per month if 90% of tax is not paid in advance
234C – 1% per month for late payment

Advance Tax can be paid through challan No. 280

P.S. If you are a Business Owner or Freelancer or Salaried looking for managing your Finances and Taxes, DM me!

I'm looking to help people .

Important To note