Advance tax deadline: Taxpayers have to submit the last and fourth installment of advance tax for financial year 2023-2024 by March 15. Taxpayers have about 10 days left to deposit advance tax. The last date for paying advance tax is 15 March 2025. If you do not pay advance tax within this fixed limit, then a fine will be imposed under Section 234B and 243C.
Advance tax has to be paid 4 times a year
Advance tax is paid under the same financial year which has been income. It has to be given four times in a financial year. If it has to be given in four installments. Taxpayers have to pay 15 % of the total tax liability by June 15. While 45 percent would have been repaid by 14 September. It also includes installments paid in June. As of December 15, the liability is 75% including the installments of June and September. According to the Income Tax Act, the entire tax has to be paid by 100 percent by March 15.
Who has to pay advance tax?
Any taxpayers, whose taxpayers, are Rs 10,000 or more in any accounting year after the taxpayers whose tax liability for the financial year is deducted for the financial year. In addition, people whose income is higher than their salary, such as rent, capital gains, FDs or lottery winnings, they need to pay advance tax.
What will happen if you do not pay advance tax?
The Income Tax Department imposes interest on the installment of advance tax. Interest is imposed under Section 234B and Section 234C of the Income Tax (Income Tax) Act. Therefore, if someone does not pay advance tax or there is a delay in advance tax payment, then they have to pay more tax as interest. It is necessary to calculate your advance tax properly and pay on time.
Taxpayers email, tax officer will also be able to access social media account, from next year