Sorry, I didn’t miss the payment. I missed to add it in the tax credit on your portal. I am unable to add it now.
@Girimon_Vasudevan, once you login to the Tax Planner navigate to Tax Planner > Income Situation > Tax Credits to add the tax credits.
If you face any issue can write to us at help@quicko.com and our team will be happy to assist you.
I am referring to last FY. Are you also on the same page? I have updated for the current year. Anyway I have written to help@quicko.com
Thanks
I’m a freelancer who received payment receipt on January 2022. When I add this amount as advanced tax, its showing that I have to pay a penalty.
Am I entering incorrectly or should I report this income for FY 22-23?
Im confused as this is the first time I have started freelancing.
Regards
Hey @Syed_Saad
You don’t have to pay any penalty.
In the Jan-Mar quarter you have to pay 100% of income tax payable, on your income throughout the year, on or before 15-Mar-22 to avoid penalty.
Use this tool to calculate Advance tax payable.
You can read more about advance tax here.
Hope this helps. 
1 Like
Background:
- Salaryman with income 6L
- 1 fixed deposit
- saving account interest is less than 10000 Rs
- No business income/stcg/ltcg/or any other income.
Question:
If i bought stocks from recognized exchange, today for 5000 Rs, and decide to sell it in Feb 2022, no matter what. I estimated that i will be selling stocks for an amount, for which i will have net tax liability (excluding TDS from salary, which is already paid by employer) of 20000 Rs. Based on that, I paid advance tax installments as per the percentages for three times.
So, the installments will be,
- 15% of 20000 = 3000 Rs.
- (45% of 20000 ) - current_paid = 9000-3000=6000.
- (75% of 20000) - current_paid = 6000.
Now, I have to pay remaining 5000 in fourth quarter.
But when i sell the stocks, the selling price was higher than my estimation, which increased my net tax liability to (assume) 100,000 Rs.
Now considering first advance tax pay, since 15% of 100000 = 15000 is greater than (already paid) 3000Rs,
- will i face any penalty, if yes, then what would be my penalty OR how will the penalty calculated, in the above case ?
- will i possibly receive any Notice from IncomeTax department ?
- how should i pay tax the fourth time? is it different from normal process.
- do i need to contract a lawyer/accountant for the fourth payment, eg: 3rd party audit?
- say, if i use any online service for stock investment(eg, zerodha/upstox) for above case, can quicko, pay(or, show calculations for) tax and do the itr filing as well?
Hi @Ivan
- Yes if there has been deferment of advance tax, interest shall be levied u/s 234C which shall be 1% per month or part of the month on the amount deferred.
- If you don’t pay the amount of interest and file your return then you may receive demand notice for the unpaid amount.
- You should pay the balance amount of tax in the fourth quarter.
- For payment of advance tax you don’t need to consult a lawyer/accountant. However, if you need help in the calculation of advance tax you can take the help of an expert
- Yes Quicko can help you with the calculation of advance tax and ITR Filing.
We’ll be happy to help.
You can check out our Advance Tax Calculator, or reach out to us on Quicko | Contact Us so someone from our team can get in touch with you?
Hope this helps 
Hello,
I have got a ITBA Issue letter to my email id which is registered to incomextax portal and the contents in the letter as below.
Subject: Payment of Advance Tax - Letter
As per section 211, all the assesses (Corporate as well as non corporate) will have to
pay advance tax in 4 instalments w.e.f. 01.06.2016 as given below.
On or before - 15th June -- 15%
On or before - 15th September -- 45%
On or before - 15th December -- 75%
On or before - 15th March -- 100%
2. Further, as you are aware, as per the provisions of Sec.209 of the I.T.Act, 1961, you
are liable for payment of advance tax for the F.Y.2020-21. The fourth instalment falls due on
15.03.2021. Hence, you are requested to make the advance tax payment before the due
date without deferring the payment with a view to pay the same as self assessment tax to at
a later date, for the A.Y.2021-22.
3. You are further requested to furnish a copy of the challan evidencing the payment of
advance tax for fourth instalment on or before 15th March, 2021 to the undersigned for
record purpose.
-
My understanding is IT department is asking to pay advance and submit the advance challan of payment. is my understanding correct ?
-
My Source of income is Futures and options trading and I don’t trade in Intraday equities, for the last two years and I was paying advance and filing income tax with out any issues with the help of quicko.
-
This is year (FY 20-21) is not same as previous years for me. I was not active in the FnO trading due to personal issues and that little trading activity has losses and I’m not in profits this year FY20-21.
Considering the above letter issued to me what can be done from my side.
The Due Date to pay Advance Tax for FY 2020-21 (AY 2021-22) is 15th March 2021. If your total tax liability during the financial year exceeds INR 10,000, you must pay Advance Tax as a proportion of tax liability in each quarter of the financial year. You can read more here
If you do not have profits in F&O Trading and no other taxable income for FY 2020-21, you are not required to pay Advance Tax. Since you have received the ITBA email, you can log in to your account on the income tax e-filing website, check the tab for e-proceedings and submit a response. Under the response, you can describe your income situation and justify why advance tax is not applicable.
You can also use the Advance Tax Calculator to calculate your Advance Tax liability for the FY
Feel free to get in touch with us here, we’ll be happy to help you with Advance Tax 
1 Like
Thanks for the details.
I have paid an Advance tax and it is not showing in form 26AS. What should I do?
Hi @riya_gupta
There are several reasons as to why tax credit as seen in Form 26AS might not match with the amount actually deducted as shown in the salary slips. Some of the reasons could be as follows -
- Amount of tax deducted from salary is not correctly reported by the employer,
- TDS deduction is reported in the wrong section, or
- The amount deposited with the government as TDS is wrongly mentioned
Other reasons for such an error maybe because of the wrong PAN being given to the deductor. A common mistake may include quoting the wrong Assessment Year or marking incorrect category of taxes paid while depositing advance tax or self-assessment tax can also lead to mismatch.
In such cases, you need to contact your deductor immediately to rectify this mistake or contact your jurisdictional Assessing Officer (AO) whose details can be found on the TIN-NSDL portal. It would be better to contact the Assessing Officer (AO) itself as the power of making corrections in challans lies in their hands.
You can go through this video of Advance Tax to in order to have a better understanding -
Hope this helps you! In case of any query related to taxes, feel free to write to us or contact us at Quicko.
I am a salaried individual having a 10LPA salary.
I also have 11000 profit for F&O trading.
I am already paying advance tax in form of TDS for my salary.
What will be my advance tax calculation for 11000 profit I made for F&O?
Income from F&O Trading is a non-speculative business income and taxable at slab rates. You must calculate the income tax on all incomes including salary and F&O profits, claim credit of TDS deducted on salary income and pay advance tax.
Enter your data here to calculate your advance tax accurately
How tax liability is calculated for advance tax in Q1 ,If the source of income is only speculative(Intraday Trading)?
Hey @Kiran_k
Equity Intraday trading is treated as a Speculative Business Income and taxable at slab rates. The advance tax liability for quarter 1 is 15% of tax liability and should be paid before 15th June.
You can enter income details here to calculate the advance tax liability
https://tools.quicko.com/advance-tax-calculator/
Hi! When filing for Advanced Tax for Income from Profession (Presumptive) do I need to enter what I have earned so far or what I anticipate to earn for the year?
I entered the amount I anticipate to earn for the year and looks like the dues that I have to pay now are for the entire year and not the increments of 15-45-75-100
Also let’s say the correct way is to report the amount earned so far and I file taxes/pay due now for the same, come September will I just report what I earned from July-Sep?