Last day of advance tax installment

Today is the last day of advance tax installment for tax payers. As a taxpayer you should calculate it carefully today. What is Advance Tax The term “advance tax” describes the amount of income tax that must be paid in installments by the designated deadlines as opposed to being paid in full at once. Income tax must be paid in advance by both individuals and corporations. It should be paid in the form of recurring installments rather than a single, lump sum payment. Deadline for the advance tax
There are the following deadline for the advance tax installment;
● 15 June: 15%
● 15 September: 45%. Will subtract previous paid account
● 15 December: 75%.
● 15 March: You have to pay all the remaining amount. Eligible people for the advance tax A taxpayer must pay advance tax in four payments if their tax bill exceeds ₹10,000 after deducting TDS and TCS.According to Balwant Jain (tax and investment specialist), any amount that is not covered in a particular payment must be made up in the next one. Thus, you can pay the full advance tax due by March 15th. It will happen if you haven’t made any installment payments for the current year.What will happen if I fail to pay my advance tax installments.According to provisions 234B and 234C of the Income Tax Act of 1961, interest would be assessed for late payment of advance tax. In order to avoid fines, timely payments are essential. “The advance tax payment deadline for the fiscal year is normally divided into many payments. According to sections 234B and 234C of the Income Tax Act, 1961, late payment of advance tax may result in interest costs.””You will be assessed interest at a monthly rate of 1% if you fail to pay the advance tax on time or at all. Any delay, even one day over the due date, results in interest for the full three months as the following installment is due after three months.
How to pay the advance tax installments
You have to follow the following measures to pay the advance tax installments;
● Go to the official website of income tax.
● Choose “e-pay tax.”
● Put in your password and PAN.
● Click “Advance Tax” and select your chosen mode of payment.
● Click the “Pay Now” option button to finish the payment.
● You will receive a receipt as payment confirmation as soon as the money is confirmed.