Any Indian Tax Specialist Here?

[writer99025]

Got a quick question on Advance Tax (last date March 15)…

[writer99025]

Basically, should I pay 100% of my taxes as “Advance Tax” by March 15… I have paid around 80% of my prospective taxes so far. Will I be fined if I don’t pay the remaining 20% and if so at what rate? Thanks.

[misscrystal]

Must not be any. It sounds like you have something similar to what we have. As self employed people we have to pay our yearly taxes in advance 4 times a year and if we don’t we pay a fine.

[writer99025]

Yeah, I know, but I don’t know how much my taxes will be this year, so paid what I believe to be 80%. It’s really complicated.

[writer99025]

I mean, the financial year is from April 1 to March 31, and my freelance income is just a part of what I make, so it’s very confusing for me. Already pay a lot of tax by Indian standards. I will not know the full picture till I file my tax returns with the help of an accountant - but that is done in July.

[writer99025]

LOL…my taxes are more than my expenses now that I think about it 🙂