Advance tax is the income tax payable if your tax liability exceeds INR 10,000 in a financial year and it should be paid in the year in which the income is earned. It is also called the ‘pay-as-you-earn’ scheme. It is required to be paid at quarterly intervals. The advance tax due dates for payment is on the 15th of each quarter-end.
There are two methods for payment of Advance Tax:
Select the Tax Applicable as (0021) Income Tax (Other than Companies). Later select Type of payment as (100) Advance Tax.
Next, select the mode of payment from the different options and the name of your Bank.
Enter PAN and Other Details including your email Id and contact number.
After selecting the Assessment Year, enter captcha and click on Proceed.
Verify the details that were entered and Click Submit.
Once you make the payment you will get challan counterfoil with Bank details. Save it for future reference.
Once you have completed your advance tax payment by either the online or offline method, you should keep the receipts safely as proof of payment. It can approximately take up to 10 days to reflect in your Form 26AS. Your income tax payment should show in your Form 26AS Component ‘Part C – Details of Tax Paid’.
You can know details of Advance tax paid from your Form 26AS. Hence download Form 26AS from the income tax e-filing portal and show the same in your ITR.
In case your bank does not have an online payment facility or is not an authorized bank then you can make electronic payment of tax from the account of any other person who has an account with the authorized bank having online facility.
You should contact your Bank and ask for correction for double payment made for Advance tax.