The deadline for the first installment of advance tax payment is approaching. This article provides detailed information on who is required to make this payment and other important details related to the process
The deadline for the first installment of advance tax payment is approaching. This article provides detailed information on who is required to make this payment and other important details related to the process
Advance tax is a system where income tax is paid in installments throughout the financial year instead of a lump sum at the end. This approach helps the government maintain a steady flow of income and eases the financial burden on taxpayers by spreading out their tax liability.
Here’s what you need to know about the first installment date and other details:
Advance Tax Payment Dates 2024
The first installment for advance tax for the financial year 2024-25 is due on June 15th, 2024.
Due Dates for Advance Tax Payments
Both individuals and corporates must pay advance tax in four installments during the financial year, which runs from April to March.
Calculating Advance Tax
Advance tax is calculated on the estimated total income of the taxpayer for the financial year, which includes income from all sources such as salary, business, profession, capital gains, etc. Here are the steps:
Payment of Advance Tax
Advance tax can be paid online through the Income Tax Department’s website or at designated bank branches. Payment options include net banking, debit cards, or visiting the bank.
Consequences of Non-Payment
Failing to pay advance tax on time can result in interest charges under sections 234B and 234C of the Income Tax Act:
Exemptions
Senior citizens (aged 60 years or above) who do not have any income from a business or profession are exempt from paying advance tax.
Key Points to Remember
By following these guidelines, you can effectively manage your tax liabilities and avoid unnecessary penalties.
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