Advance Tax means that you are required to pay tax to the government on your income throughout the year as you earn this Income.
Who is it applicable for? If in a financial year your total tax liability exceeds Rs 10,000 you will be required to pay Advance Tax. Do remember to include all heads of income calculating Advance Tax.
Senior citizens, those who are 60 years or older and do not run a business, are exempt from paying advance tax.
Let us point out Tax Deducted at Source (TDS) as a concept. When you receive any income (your salary, Interest Income), many a times, the person paying you will deduct TDS before paying you. If the TDS deducted is more than your tax due, then you may not have to pay advance tax.
Salaried Employees: If you work at a company and earn a salary, your employer is going to deduct TDS on salary. So you don’t have to deal with advance tax.
However, if you have Interest Income from Fixed Deposits, etc which is more than Rs. 50,000, you should calculate your tax due as you may have to pay advance tax. This trips a lot of people over as they do not know they are liable for advance tax!
Freelancers: Freelancers almost always have advance tax due. This is because when freelancers get paid, TDS deducted by the person paying the freelancer is usually not enough!
Here’s how you can calculate your Advance Tax:
Due Dates of payment of Advance Tax:
|On or before 15th June||–|
|On or before 15th September||Up to 30% of advance tax payable|
|On or before 15th December||Up to 60% of advance tax payable|
|On or before 15th March||Up to 100% of advance tax payable|
Note that you are not required to submit any supporting documents while paying your advance tax. In case some of your expected income or expenses have undergone a change, you can always re-estimate your income and adjust payments accordingly, before paying the next installment.
How to pay Advance Tax? Here’s how you can pay your advance tax to the government Pay Advance Tax.
In India partial solar eclipse will be seen at sunrise on 9th March. The same will be visible from most places of India except from North West and western parts of the country.
the partial phase of the eclipse begins before sunrise. However, start of partial phase of the eclipse will take place just after sunrise from extreme north east India.
As one moves towards the east of the country, the duration of the partial eclipse increases reaching upto a duration of about one hour and more in extreme north east India and in Andaman and Nicobar Islands.
Considering the Earth as a whole the partial phase of the eclipse will begin at 4 h 49 m IST. The total phase will begin at 5 h 47 m IST. The total phase will end at 9 h 08m IST. The partial phase will end at 10h 05m IST.
In India obscuration of the Sun by the Moon at the time of greatest phase of partial eclipse will be around 15 percent in Agartala, 24.5 percent in Bhubaneswar, 11 percent in Guwahati, 18.5 percent in Kolkata, 12 percent in Patna, 49 percent in Port Blair, 12 percent in Silchar etc.
The total eclipse of the Sun would be visible within a narrow corridor in the northern Hemisphere. The totality path would pass through Sumatra, Borneo, Indonesia and the North Pacific Ocean.
Eclipsed Sun should not be viewed with the naked eye, even for a very short time. It will cause permanent damage of the eyes leading to blindness even when the moon covers most portion of the Sun.
Safe technique to observe the solar eclipse is either by using proper filter like aluminized Mylar, black polymer, welding glass of shade number 14 or by making projection of Sun’s image on a white board by telescope.