I am a freelancer. I have paid my tax as advance tax instead of self assessment. My tax liability is less than 10k. How should I correct it?

I am a freelancer. I have paid my tax as advance tax instead of self assessment. My tax liability is less than 10k. How should I correct it?

If you have already paid your taxes in Advance, there is no need to worry at all (even if your total tax liability is less than 10K).

The requirement of the Income Tax Act is that if your assessed tax liability on your estimated income is more than Rs. 10,000 then you need to pay Advance Tax in installments through out the Financial Year.

So Advance Tax is the tax which you pay during the Financial Year (Say from 1st April, 2015 to 31st March, 2016) and Self assessment tax is the tax which you pay after the financial year has ended but before you file your tax return (Say from 1st April, 2016 to 31st July, 2016)

In your case, there is no harm if you have already paid the tax in advance which you were supposed to pay after the end of financial year while filing your return. So no need to change or correct anything. All you have to do is file your tax return in time and claim the refund.


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