Last Updated: March 15, 2024, 12:43 IST
Advance tax: Last instalment deadline on March 15
Missing the cost deadline would imply the taxpayers might be liable to penalties below Sections 234B and 243C.
Income tax alert: March 15 is the due date to pay advance tax. Taxpayers ought to rigorously calculate the advance tax legal responsibility.
Advance tax is the tax that taxpayers must pay upfront as a substitute of paying it in a single go on the yr’s finish. If a taxpayer’s estimated annual tax legal responsibility for any given monetary yr after subtracting tax deducted at supply (TDS) exceeds Rs 10,000, then she or he has to pay advance tax. It can be referred to as the tax that you simply pay as you earn.
The Income-Tax Act 1961 clearly states that people must make funds of advance tax following a specified schedule to keep away from penalties. The advance tax must be paid in 4 instalments. The deadlines are in June, September, December and March.
Missing the cost deadline would imply the taxpayers might be liable to penalties below Sections 234B and 243C.
Who Needs to Pay Advance Tax?
Salaried people, freelancers, and companies: If your whole tax legal responsibility is predicted to be greater than Rs 10,000 for the monetary yr, you might be required to pay advance tax.
Senior residents: Those aged 60 and above who would not have enterprise earnings are exempt. However, senior residents with enterprise earnings should pay an advance tax.
Presumptive earnings taxpayers: Businesses and professionals below the presumptive taxation scheme (sections 44AD and 44ADA) have the choice to pay their whole advance tax in a single go by March fifteenth or by March thirty first.
How To Pay Advance Income Tax?
Eligible taxpayers are required to make advance earnings tax funds in 4 installments all through the monetary yr, usually in June, September, December, and March. These funds will be made conveniently on-line through both the official web site of the Income Tax Department (incometaxindia.gov.in) or the National Securities Depository.
- Visit I-T division’s e-submitting portal
- Click on e-tax portal
- Enter PAN within the given field and re-enter it to substantiate the identical
- Enter cell quantity; click on on Continue
- Enter six-digit OTP acquired in your cell quantity; click on on Continue
- Click on proceed below the primary field labelled Income Tax
- Select evaluation yr as 2024-25 and choose sort of cost as Advance Tax; click on on Continue
- Enter all of the textual content particulars; click on on Continue
- Select an acceptable cost methodology; press proceed
- Once cost is full, an acknowledgement will seem on the following display screen; save this textual content receipt for future reference and whereas submitting ITR.
