Other board changes also announced
from Insurance Business https://ift.tt/qfxo8Eh
via IFTTT
Monday, November 7, 2022
Advance Tax Payment: A Comprehensive Guide For You
Income tax payment becomes a tedious task, especially if you are paying late at the end of a financial year with the due date just round the corner. So, why not consider advance tax payment? Read on to know more
When it comes to tax, it is always better to pay off the dues in advance as compared to waiting for the last moment to make the payment. As such, income tax calculation and payment is a tiring task and thus the sooner you make the payment, the better it is.
As the name suggests, advance tax payment means payment of income tax in advance. Advance tax payment is also known as ‘pay as you earn’ and it is not a very complicated process. Let us understand it in detail.
Table Of Content
What is Advance Tax Payment?
As discussed above, advance tax payment means paying your annual income tax well in advance for the entire income earned in a financial year. In normal circumstances this is the tax that is paid after earning a certain income. However, in case of advance tax payment and as per the rules of advance tax, the person paying the tax in advance has to make an estimation of the income for the current financial year. As per that estimation, the tax is paid in advance at particular time durations. But you must note that advance tax payment is possible only if the tax liability of the taxpayer is more than INR 10,000 in a financial year. Moreover, the advance tax should be paid within the fiscal year in which you are likely to receive the income.
Advance tax is applicable in cases when the income is earned from varied sources such as investments, rents, lottery, business etc., and not just from the salary of a person. It is possible to make the advance tax payment online or through some specific banks.
Who all can pay Advance Tax?
Anyone who has tax liability of INR 10,000 and beyond can pay advance tax. Thus, those with tax liability below 10,000 in a fiscal year are not likely to consider advance tax payments. Moreover, if a taxpayer understands their tax liability well, they would not require to pay more than the least amount as advance tax.
You may like to know that:
- People working in an organization and earning a salary as well as the self-employed can pay advance tax
- Advance tax applies to individuals in every profession and for people of every budget
- People earning wealth through shares as capital gains can also pay advance tax
- People earning interest from fixed deposit are also liable to pay advance tax
- If you earn money through winning lottery or a game show etc., you are still liable to pay advance tax
- People earning rent from property can also pay advance tax
The basic criteria for paying advance tax is that the estimated liability of tax of a person must be 10,000 or more for a financial year. However, Senior citizens of 60 years and above with no regular income are exempted from paying advance tax.
What is the Right Time to File for Advance Tax?
The advance taxes can be filed on every 15th of the month of March, September, and December. It can be paid in installments in case of non-corporate, while corporate need to make the payment on the 15th of each quarter of a financial year such as March, June, September, and December.
Advance tax payment can be done on income that doesn’t fall under the category of TDS deduction unlike in the case of salary, which comes under TDS deduction.
Process to Make Advance Tax Payment
By following some simple steps, advance tax payments can be done in case of income that cannot be deducted under TDS. They include income coming from people who are self-employed, people who run businesses, capital gains and so on.
Advance taxes can be paid online or offline via challan 280. In case of companies, advance tax is generally paid by the accounts department via challan 280 on every 15th of each quarter during a fiscal year in March, June, September, and December.
How to pay advance tax online?
Here is how to deposit advance tax online:
- It can be made through the portal of the Income Tax Department. All you need is to have an account on the portal to make the online transaction
- Log on to the portal with your account details and pick the option of challan 280, which is used to make payments of different kinds of taxes
- Now choose the ‘100 advance tax’ option
- Complete the form by filling all the required details like address, phone number etc.
- Make the payment using a secured payment gateway
- You will get a receipt of payment generated by the portal. Save it for future reference
- You would need the receipt at the time of filing IT returns in the year of assessment
Offline Advance Tax Payment
- For offline, the advance tax payment can be made at a bank branch approved by the income tax department for the purpose of advance tax payment collection.
- Here also, you need challan 280 to make the payment, which can be done by getting income tax challan download
- Pay due attention at the time of filling the form
- Now, submit the form at the counter along with advance tax payment in the form of cash or cheque
- Make sure to get the receipt of the payment from the counter
- ICICI bank, Syndicate bank, State bank of India, Reserve bank of India, HDFC bank, Axis bank, Punjab national bank etc. are some of the authorized banks where the offline payment of advance tax can be made.
If you want to know when does one have to pay advance tax, here are the dates for 2022-23:
| Advance Tax Payment Due Date | Advance Tax Amount to be Paid |
| On or before 15 June | 15% of the Advance Tax |
| On or before 15 September | 45% of the Advance Tax |
| On or before 15 December | 75% of the Advance Tax |
| On or before 15 March | 100% of the Advance Tax |
Read More: Expenses to Consider for 2050 that You May Not Incur Today
To Conclude
In case the taxpayer pays more than what is liable on them, the income tax department refunds the extra money paid at the end of the financial year. Taxpayers can claim for the refund by submitting form 30. The claim needs to be filed within 1 year of the previous assessment year. If you do not want to pay more than what is due on you, you must calculate the tax that you are required to pay. If you do not know how to calculate advance tax, you can do so by using an advance tax premium calculator.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
Visual Stories
View this post on Instagram
The post Advance Tax Payment: A Comprehensive Guide For You appeared first on Paybima Blogs.
What are the Health Risks of Obesity?
Eating too much at irregular times and consuming an unbalanced diet can lead to obesity, which in turn can cause many different health problems. Let us consider the various Obesity risk factors in this post.
Many health disorders and ailments are caused as a result of irregular eating habits and an improper diet. A diet that is not rich in balanced food can lead to many health issues. One such major health concern is obesity and there are several health risks associated with obesity. Obesity is a condition where an individual accumulates a high amount of fat in the body. This body fat, in turn, becomes the root cause of several bodily diseases.
For instance, if a person starts consuming a lot of fatty and oily food or junk food from outside, it is very likely that over a certain time period he/she will become obese. Along with binge-eating, if you also start the habit of staying awake till late in the night and take a lot of stress, you are sure to fall into the trap of obesity. And Obesity can cause harmful critical diseases which would cost you a huge amount in terms of treatment. So, let us take note of some health risks of obesity.
Table Of Content
Health Risks of Obesity
Obese people are normally prone to several health conditions. In fact, the obesity risk factors in terms of diseases among the overweight is always greater as compared to others.
Obesity increases the risk of some of the diseases like diabetes, Hypertension, Coronary heart diseases, High blood cholesterol, bone and joint pains, liver conditions, gallstones and some types of cancer among others. Most of these conditions are the root causes of critical diseases.
Thus, obesity can cause some major health issues and can develop several critical illnesses. Hence, people who eat unhealthy and are on improper diets should be very careful about their health. Along with controlling your eating habits, an obese should have a critical illness health insurance plan to stay away from the risks of several diseases. That is because a regular health insurance plan may not be able to cover you against most critical diseases.
If you go by numbers, India at present is undergoing a phase of obesity crisis affecting as many as 135 million people, which is likely to get worse in the coming years. And this is seen among the young people especially.
Thus, along with enhancing your health insurance cover, keeping a check on your BMI or Body Mass Index is equally important. So, make sure not to end up weighing beyond the expected limit as per BMI on your weighing scale.
Many people who suffer from stress go on a eating spree, which causes immense effect in terms of health concerns caused by obesity. So, it is better to find a solution to your stress by treating it on time with a therapist rather than going on binge-eating. The therapist will help in resolving the underlying issues that cause the stress.
Diseases Caused by Obesity
Of late, many critical diseases are associated with obesity and lifestyle related conditions. Among them, diabetes is one of the major problems that is a reason for critical heart conditions like heart attack, stroke and so on. So, how does obesity increase the risk of diabetes?
There are various substances like Non Esterified Fatty Acid, hormones, glycerol etc., whose amount is more in an obese person’s body. These substances that are involved in the insulin resistance process, enhance the risk of diabetes along with other factors.
Now, let us consider how keeping a tab on BMI can help in controlling obesity.
Role of BMI in Controlling Obesity
BMI is a factor that help you find out if your are obese. The BMI of your body estimates the accumulated level of body fat that you have gained and compares the same with your height and weight. There are many apps that help in calculating the BMI level of your body by entering details like age, height, weight etc.
25 points is the BMI level for obesity and as it increases the risk of having health problems becomes greater because of obesity. Below are the different BMI levels to define fitness brackets among individuals.
25.0 to 29.9 BMI – means overweight but not obese
30.0 to 34.9 BMI – means Class 1 obesity with low-risk
35.0 to 39.9 BMI – means Class 2 obesity with moderate-risk
40.0 or above BMI – means Class 3 obesity with high-risk
There is another way to check the BMI by checking the waist size of an individual. If a person has more fat around his/her waist, it can cause various health issues. So, as per the waist size, women with 35 inches and men with 40 inches of waist have greater chances of obesity.
Read More: World Diabetes Day 2022: When is It? How Best to Observe It?
To Conclude
Obesity is associated with an increased risk of many diseases and thus it is a serious issue. However, most of the risks related to obesity can be controlled by bringing in some changes in your lifestyle. The first step in that direction is eating healthy and a balanced diet. This way you can cut down the carb intake from your body.
However, if you are obese and think that you need help to control your obesity, you can consult a doctor. A doctor or dietitian can support you by creating a diet program for you along with exercises to help you control your weight, which can bring down the risks of critical diseases associated with obesity. Further, you must follow a proper diet and stick to healthy habits.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
Visual Stories
View this post on Instagram
The post What are the Health Risks of Obesity? appeared first on Paybima Blogs.