Got a quick question on Advance Tax (last date March 15)…
Basically, should I pay 100% of my taxes as “Advance Tax” by March 15… I have paid around 80% of my prospective taxes so far. Will I be fined if I don’t pay the remaining 20% and if so at what rate? Thanks.
Must not be any. It sounds like you have something similar to what we have. As self employed people we have to pay our yearly taxes in advance 4 times a year and if we don’t we pay a fine.
Yeah, I know, but I don’t know how much my taxes will be this year, so paid what I believe to be 80%. It’s really complicated.
I mean, the financial year is from April 1 to March 31, and my freelance income is just a part of what I make, so it’s very confusing for me. Already pay a lot of tax by Indian standards. I will not know the full picture till I file my tax returns with the help of an accountant - but that is done in July.
LOL…my taxes are more than my expenses now that I think about it