Final Up to date: March 15, 2024, 12:43 IST
Advance tax: Final instalment deadline on March 15
Lacking the fee deadline would imply the taxpayers might be liable to penalties beneath Sections 234B and 243C.
Earnings 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 prematurely as an alternative 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. Additionally it is referred to as the tax that you simply pay as you earn.
The Earnings-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.
Lacking the fee deadline would imply the taxpayers might be liable to penalties beneath Sections 234B and 243C.
Who Must Pay Advance Tax?
Salaried people, freelancers, and companies: In case your whole tax legal responsibility is anticipated to be greater than Rs 10,000 for the monetary yr, you’re required to pay advance tax.
Senior residents: These aged 60 and above who do not need enterprise revenue are exempt. Nonetheless, senior residents with enterprise revenue should pay an advance tax.
Presumptive revenue taxpayers: Companies and professionals beneath 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 Earnings Tax?
Eligible taxpayers are required to make advance revenue tax funds in 4 installments all through the monetary yr, usually in June, September, December, and March. These funds might be made conveniently on-line through both the official web site of the Earnings Tax Division (incometaxindia.gov.in) or the Nationwide Securities Depository.
- Go to I-T division’s e-filing portal
- Click on on e-tax portal
- Enter PAN within the given field and re-enter it to substantiate the identical
- Enter cell quantity; click on on Proceed
- Enter six-digit OTP obtained in your cell quantity; click on on Proceed
- Click on on proceed beneath the primary field labelled Earnings Tax
- Choose evaluation yr as 2024-25 and choose sort of fee as Advance Tax; click on on Proceed
- Enter all of the textual content particulars; click on on Proceed
- Choose an acceptable fee technique; press proceed
- As soon as fee is full, an acknowledgement will seem on the subsequent display; save this textual content receipt for future reference and whereas submitting ITR.
