@CA_Niyati_Mistry I have a thread about this topic here now.
On further research I realised I misunderstood quite a few things.
Please correct me if I’m wrong!
Income tax filing and Advance payment are completely different things. You pay advance tax before 15th March of the financial year and then file your income tax returns in the Assessment year.
Okay it makes sense now. I will make the following assumptions for my timeline. Please let me know if I am correct.
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For my FY22-23 income, I should go to the income tax website and pay my estimated advanced tax for the income I earned between 1st April 2022 and 31st March 2023 under AY23-24. Because I’m eligible for 44ADA, I have the benefit of paying it all in one go before March 15th 2023 instead of paying it in instalments.
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Then before 31st July 2023, I will have to file my income tax return. Neutral case - I won’t have to pay anything when filing my ITR because my estimated advanced tax payment was correct. Worst case - I have to file any difference and pay some more. Best case, my advance tax payment was more and I get a refund.
Are the dates mentioned correct? Are my assumptions right? Thanks again for your time.