28% increase in advance tax collection compared to last year, know how much it is now?

There has been a rapid increase in the government treasury in terms of advance tax. According to the data till June 16, the government's advance tax collection has reached Rs 1.48 lakh crore. This is about 28 percent more than last year. Net direct tax collection was Rs 4.62 lakh crore, which is about 22 percent more than last year.

If we talk about net corporate tax, it has reached Rs 1.60 lakh crore. The government's earnings from net personal income tax have reached Rs 3.79 lakh crore. Apart from this, gross tax has reached Rs 5.15 lakh crore, which is 22.89% more than last year.

What is advance tax?

Advance tax is a type of income tax, which has to be deposited with the Income Tax Department before the end of the financial year. It is not paid in lump sum on an annual basis like normal tax, but it is deposited in installments. Under this, taxpayers deposit tax in advance with the Income Tax Department.

Who has to pay advance tax?

Advance tax is to be paid by those whose tax liability is more than Rs 10,000. It applies to salaried people, freelancers, businessmen and people who earn money in any other way. However, if you are above 60 years of age and do not do any kind of business, you are exempted from advance tax.

When should advance tax be paid?

Advance tax does not have to be paid in lump sum once a year like normal tax, but it has to be paid in installments. It has to be paid every quarter. Its date is decided by the Income Tax Department. For the financial year 2022-23 and 2023-24, these dates are 15 June, 15 September, 15 December and 15 March.

How much advance tax will have to be paid?

Although advance tax is paid in installments, it is calculated for the entire year. You have to calculate in advance how much tax can be levied on you in a year. You can calculate tax on the remaining income as per your tax slab after deducting deductions from your income.

After this, you have to pay at least 15% of your advance tax on 15 June. 45% of the advance tax has to be paid by 15 September, 75% of the advance tax by 15 December and 100% of the advance tax by 15 March.