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Thread: Can I pay income at the end of the year instead of every month?

  1. #1
    Unregistered
    Guest

    Question Can I pay income at the end of the year instead of every month?

    I would like to know if I have an option of paying income tax at the end of the year instead of paying it every month? Will it be the same amount or is there a certain percent of interest if I opt for this. What form should i fill to avail this option?

    Ex: If my monthly tax is say 10,000 and I want to pay it in lumpsum at the end of the year will I be paying 10,000 * 12 = 1,20,000 or more than that?

  2. #2

    Default

    It is mandatory to pay 30% of your tax by the 15th of September, the next 30% by the 15th of December and the remaining 40% on or before the 15th of March every year, if your annual income tax is more than Rs.10000. Otherwise you will be penalized.

    A link which may be useful to you:

    http://www.charteredclub.com/advance-tax/
    Last edited by jayashree s kumar; 08-05-13 at 11:52 AM. Reason: Link provided

  3. #3
    niche
    Guest

    Default

    If your employer is deducting tax on your behalf, you will have little choice about the tax deduction.


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