My calculation says I should pay advance tax today (15 sep) - 45% of tax as per google search Quicko is saying to pay on 15March
What is the rule, should I pay or not?
I don't want penalty later
Check the table below. Mar 15 is deadline that you should have paid any remaining advance tax already. It is not the deadline to pay advance tax itself.
If you are offering your income as professional u/s 44ADA or business income u/s 44AD u need to pay advance tax by 15th mar, no need to pay quarterly installments. If not, then u need to pay in quarterly installments.
44ADA, it wrote everywhere 45% So I paid a little more
Not for 44ADA see the link shared by @Sreekanth at the end it is mentioned for 44ADA
It’s always beneficial to pay maximum advance tax as soon as possible to prevent from any unknown tax implications.
Does IT department payback the excess easily?
Yes, they do. During Income Tax(IT) filing, make sure to attach this document of advance tax payment and rest IT will take care of that.
They will issue refund along with an interest to you.
I would say, IT task has become quite convenient from the last few years.
Your employer will deduct TDS on your income, so you need to pay advance tax only on your "other income". My "other income" is from bank FDs, the bank deducts 10% TDS, so I need to pay the remaining 20% advance tax on the Interest Credited.
Pay 45% by Sep 15if liability is more than 10k
Get a CA
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