Our very own Salman Khan aka Sultan has to his credit the highest tax payer of this fiscal, as is revealed by the sources of Indiatoday.in. Data claims that Dabangg, this time, tops the list paying a half-yearly tax of 16 crores as against 11 crores by other actors such HrithikRoshan & Akyshay Kumar. This year is the lucky charm for Salman Khan as by outdoing Akshay Kumar this year, he rules the roost. Blockbusters like Bajrangi Bhaijan which hovered around 600 crores at the box office and Prem Ratan Dhan Payo also earned him 200 crores thereby earning him the greatest revenue of the time.
Now let us have a look at what Advance tax is actually about?
What is Advance tax?
As the name discloses Advance Tax is that amount which the assessee pays as a part of the yearly tax well in advance. And therefore is paid in the year in which the income is received. It is also known as ‘Pay as you earn’ form of tax. It is applicable to individuals who have got their other sources of income higher than their salary. Yes, you got that right! Our Salman Khan, at present top the list when it comes to income from other sources because he currently is a synonym of the grandeur of fame due to his endorsements like the wheel , thumbs up ,revival ,Suzuki thus fetching him a fee of 5 crore a day ! Thus a tax compulsory to pay. Noncompliance to which invites the penalty of 1% interest each year or cumulative 12% annually.
Second on the list is the Airlift actor, Akshay Kumar, shelling out Rs 11 crore this year as against his previous payout of RSs18 Crore reports Pink Villa
Then we’ve got The Heartthrob Hrithik Roshan who earlier was nowhere to be spotted in the highest taxpayers list now share the position with Akshay Kumar falling under a income tax bracket of 11 crores.
Third on the list our Rockstar, Ranbir Kapoor paying a tax of 7.8 crores as against 4 crores in the previous fiscal.
Now that we’ve had a lot of discussion on Advance tax, a thought must have passed by !
Who all are liable to pay?
Now you may be wondering, why should I pay this tax. Damn, I am not Salman Khan! Well, all those individuals whose tax liability exceeds Rs 10,000 needs to file an income tax return. However if you are an employee, you need not pay advance tax since your salary is TDS is already deducted by your employer and has set you free. Bless him! Professionals and businessmen need to file an advance tax since their income is huge and tax bracket exceeds RS10000 and the same goes for corporates and companies.
Now you must be wondering when are these taxes actually paid?
This self-assessment tax, for an introspection it is it payable in the year of income received on the following grounds:–
1. 15th of September at the rate of 30 %
2. 15 of December at the rate of 30 %
3. 15 of March at the rate of 40 %, payable in instalments for non-corporates. .Whereby, Corporates need to pay it on the 15th of June, September, December, and March.
While employers deduct Tax at Source on salaries, advance tax is paid on income that has not been subjected to TDS filing.
Now the next best thing that you need to know is:-
Where In the world do I find the place to file it!
You can payoff your liability and ease it out by using the tax payment challan at the bank branches empanelled with Income tax (I-T) department. It can be deposited either with
:-Reserve Bank of India,
:-State Bank of India,
:-ICICI Bank,
: Bank -HDFC
:-Indian Overseas Bank,
:-Indian Bank, and other authorised banks. Covering a total of 926 branches altogether in India that can accept advance tax payments. You could also pay it online hassle free,through the I-T department or the National Securities Depository site.
Now that all the woes are addressed upon and all your queries answered your next step is to introspect yourself and pay the advance tax if applicable!
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