June 19, 2024

The cost date for the advance tax installment is September 15, 2023, and it may be paid each on-line and offline. In line with the foundations, advance tax is paid in 4 funds, on or earlier than the fifteenth of the ultimate month of every quarter.

What Is Advance Tax?

Advance tax is earnings tax paid upfront slightly than after the fiscal yr. All year long, the tax laws specify when this should be paid. This tax is paid in installments all through the course of the fiscal yr. It’s continuously known as the ‘pay as you earn’ tax.

Who Is Required To Pay Advance Tax?

In line with Part 208 of the Revenue Tax Act of 1961, all taxpayers with anticipated tax liabilities of a minimum of Rs 10,000 (after TDS) from the earlier yr should pay advance tax.

Penalty For Failing To Pay Advance Tax

Every part imposes a penalty rate of interest of 1% per 30 days or half thereof. Part 234B imposes penalties for late or missed funds of superior taxes. Particular person advance tax installments that aren’t paid or quick funds are topic to Part 234C.

Advance Tax Fee Deadlines 

  • Every fiscal yr, 15% of advance tax should be paid on or earlier than June fifteenth.
  • On or earlier than September 15, 45 p.c of the advance tax is paid.
  • On or earlier than December fifteenth, pay 75% of the advance tax (much less tax beforehand paid).
  • On or earlier than March 15, pay 100% of the advance tax (much less tax beforehand paid).

How Can I Pay My Advance Tax?

  • Step 1: Go to the Revenue Tax Division’s web site at https://www.incometax.gov.in/iec/foportal/.
  • Step 2: Choose e-Pay Tax, enter your PAN and cellular quantity, after which click on Proceed. Enter the OTP obtained in your registered cell phone quantity.
  • Step 3: Choose Advance tax.
  • Step 4: Choose the evaluation yr and advance tax from the drop-down menus.
  • Step 5: Enter the tax quantity and proceed. Select a cost methodology and click on Proceed.
  • Step 6: To make a cost, click on the Pay Now button.