Previous Year’s ITR Copy
Projected Income & Profit & Loss Account (for businesses)
TDS Certificates (Form 16/16A)
Bank Account Details for payment proof
Investments and Deduction Proofs
AIS and Form 26AS download for cross-check
Terms & Conditions
Obligation to Pay Tax:
As per Sections 208 and 210 of the Income Tax Act, individuals/businesses with estimated liability above ₹10,000 must pay advance tax.
Self-Assessment Tax must be cleared before ITR filing under Section 140A.
Accuracy of Data:
Estimations are made on the basis of details provided by clients.
Any discrepancy due to non-disclosure or incorrect information is the client’s responsibility.
Penalty & Interest Responsibility:
Kanoons is not responsible for interest/penalty levied due to delay by clients in providing data or delay in making payments.
Refund Policy:
No refund after initiation of calculation services.
Partial refund may be considered before challan generation.
Payment Support Only:
We assist in payment but actual remittance is the client’s responsibility.
Legal Disclaimer:
Kanoons acts as a facilitator. Final responsibility for compliance rests with the taxpayer.
Advance & Self-Assessment Tax
Stay Compliant and Avoid Interest Penalties – Timely Advance and Self-Assessment Tax Payment with Kanoons!
Advance Tax is the payment of income tax in parts throughout the financial year instead of lump sum payment at the end. It is also called “Pay as You Earn” tax.
Self-Assessment Tax is paid after the end of the financial year, before filing the Income Tax Return, to clear any remaining tax liability after considering TDS, Advance Tax, etc.
Both payments are crucial for full compliance under the Income Tax Act, 1961, and failure leads to heavy interest and penalties.
At Kanoons, we help you compute and pay these taxes correctly and on time, minimizing risks of non-compliance and ensuring smooth tax filing.
Why Choose Advance & Self-Assessment Tax Filings? (Advantages & Disadvantages)
Advantages:
- Avoidance of Interest and Penalty
- Easier, Faster ITR Filing Process
- Improved Cash Flow Planning
- Better Financial Discipline and Tax Forecasting
- Full Legal Compliance
Disadvantages:
- Payment Deadlines Can Be Missed Without Guidance
- Need for Estimation and Revision of Income Quarterly
- Overestimation Can Lead to Refund Claims and Blockage of Funds
Who Should File an Advance & Self-Advance Tax Returns?
- Individuals with tax liability exceeding ₹10,000 after TDS.
- Freelancers, professionals (doctors, lawyers, consultants) with no TDS deductions.
- Businesses under presumptive taxation (optional for 44AD/44ADA but beneficial).
- Companies and LLPs on profit estimation.
- Senior Citizens (above 60 years) without business income are exempted from advance tax.
Documents Required for Advance & Self-Assessment Tax Filing
- Previous Year’s ITR Copy
- Projected Income & Profit & Loss Account (for businesses)
- TDS Certificates (Form 16/16A)
- Bank Account Details for payment proof
- Investments and Deduction Proofs
- AIS and Form 26AS download for cross-check
Income Tax Returns Filing Process (Step-by-Step)
For Advance Tax
- Income Estimation (Form 28A)
- Tax Liability Calculation
- Quarterly Payment Schedule
-
Quarter Due Date % Payable Q1 June 15 15% Q2 Sept 15 45% Q3 Dec 15 75% Q4 March 15 100% - Challan 280 Payment
- Form 26AS Reconciliation
For Self-Assessment Tax
- ITR Preparation
- Tax Deficiency Calculation
- Challan 280 Payment
- ITR Filing with Proof
What’s Included in Our ITR Filing Package?
- Advance Tax Computation for all quarters
- Self-Assessment Tax Computation at year-end
- Challan Filling and Payment Support
- Ledger Matching Support in Form 26AS
- Compliance Check for Section 234B & 234C
- Basic Tax Planning Session
Post-Payment Compliances
✔ Updating Challan Details: While filing ITR under 'Taxes Paid' schedule.
✔
Ledger Matching: Ensure payment reflects correctly in Form 26AS/AIS.
✔
Rectification Support: Correction of wrong challan details if needed.
✔
Refund Handling: If extra payment made, assist in refund claim.
✔
Notice Response: Handling notices for short payment/interest demands.
✔
Advance Tax for Updated Return Filing: For late disclosures under Section 139(8A).
Why Kanoons?
🌟 Accurate Advance Tax estimation and quarterly reminders
🌟
Proper computation of Self-Assessment Tax to avoid surprises during ITR filing
🌟
Timely Challan Generation (ITNS 280) and assistance in payment
🌟
Strategic Tax Planning to minimize advance tax burden legally
🌟
Complete support for Form 26AS matching and ITR reporting
🌟
Handling notices under Section 143(1) and Section 139(9)
Failure to meet Advance & Self-Assessment Tax Filing obligations can result in severe consequences:
- Interest under Section 234B: 1% per month for shortfall in tax payment (>90% of assessed tax).
- Interest under Section 234C: 1% per month for deferment of quarterly advance tax instalments.
- Late Fee for Late ITR Filing: ₹1,000 to ₹5,000 under Section 234F.
- Scrutiny and Notices: Increased risk of scrutiny if taxes are underpaid.
Valuable insights to change your startup idea
FAQ
Advance & Self-Assessment Tax Frequently Asked Question
What is the due date for Advance Tax payments?
June 15 (15%), September 15 (45%), December 15 (75%), and March 15 (100%).
Do salaried individuals need to pay Advance Tax?
Yes, if their tax liability exceeds ₹10,000 after considering TDS deductions.
What happens if I miss an Advance Tax instalment?
Interest under Section 234C will be levied for deferment or non-payment.
Can I revise my Advance Tax payments during the year?
Yes, you can revise your estimated income and pay accordingly in subsequent quarters.
Is Self-Assessment Tax payment mandatory before filing ITR?
Yes, you must pay any balance tax liability before submitting your ITR.
Can I claim a refund if I overpay Advance or Self-Assessment Tax?
Yes, any excess tax paid can be claimed as a refund when you file your ITR.
Get Started Today!
File Your Advance & Self-Assessment Tax Returns Now & Get Legal Compliance Support!
Limited-Time Offer
Get Your Advance & Self-Assessment Tax Filed at ₹4,999!
Take the first step towards building a legally recognized and protected business. With Kanoons, experience a hassle-free, fully online Advance & Self-Assessment Tax Filing backed by expert legal and compliance support.
"Simplifying Law & Taxation – Your Compliance, Our Commitment."
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Kanoons.com, owned and operated by Kanoons Law & Tax Consultants Private Limited, is your trusted partner for taxation, legal compliance, and business registration across India. Whether you are an individual, a startup, or a growing enterprise, we provide expert guidance to navigate complex financial and regulatory landscapes seamlessly. From income tax filing, GST registration, and business incorporation to responding to legal notices, handling corporate audits, and trademark protection, we ensure a hassle-free experience.
Our expert team assists in income tax and TDS filing, simplifying tax compliance for salaried individuals, businesses, and professionals. We provide startup registration, MSME certification, IEC code, FSSAI licenses, trade licenses, and corporate compliance solutions to ensure smooth business operations. Entrepreneurs and businesses can also rely on us for intellectual property rights (IPR), including trademark, copyright, and patent registrations, along with legal support for litigation, summons, and regulatory matters.
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"I used to miss my advance tax instalments. With Kanoons’ regular reminders and support, it’s now smooth and stress-free!"
Varun S. Business Owner