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Published: March 15, 2024
Updated: March 15, 2024

Deadline Alert: Act Now to Secure Your Finances - March 15th Advance Tax Deadline Approaching Fast!

What is Advance Tax?

Advance tax, a crucial aspect of income tax payments, entails dividing the tax liability into instalments rather than a single lump sum payment. This method ensures timely contributions towards your tax obligation.

Who Needs to Pay Advance Tax?

Individuals and businesses whose tax liability exceeds ₹10,000 after accounting for TDS and TCS are mandated to pay advance tax. Failure to do so can lead to penalties and interest charges.

Deadlines for Advance Tax Payments

Mark your calendars! Advance tax payments are due on specific dates throughout the fiscal year:

June 15: 15% of the advance tax.

September 15: 45% of the advance tax (subtracting any prior payments).

December 15: 75% of the advance tax (subtracting any prior payments).

March 15: The remaining balance of the advance tax (subtracting any prior payments).
Consequences of Non-payment

Not meeting advance tax deadlines results in interest charges as per sections 234B and 234C of the Income Tax Act, 1961. Prompt payments are imperative to avoid penalties.

How to Pay Advance Tax Online

Embrace convenience with online payment options:

Visit the income tax website.
● Select 'e-pay tax.'
● Enter your PAN and password.
● Click on "Advance Tax" and choose your preferred payment method.
● Complete the payment by clicking the "Pay Now" button.

Tax and investment experts emphasize the importance of timely tax payments. Any delay or shortfall may incur interest charges, affecting your financial standing.

Recent Developments: Error reported by many in Annual Information Statement

The income tax department acknowledges errors in securities market data from a reporting entity's financial transactions statement. Feedback from taxpayers has been instrumental in identifying inconsistencies, prompting corrective actions.

Calculate and Pay Tax to avoid interest

Taxpayers are advised to stay updated on any revisions or updates regarding their tax obligations. The IT department is working diligently to rectify discrepancies and ensure accurate reporting.