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Advance Tax (Income tax)

It's crucial to ensure timely compliance with advance tax payments to avoid any penalties or interest charges. As you're aware, advance tax payments are essential for smooth tax planning and adherence to regulatory requirements.


Brief about Advance Tax


ADVANCE TAX


  Tax Liability (in excess of specified limit*) on the estimated total income for the current financial year. The assessee# is required to pay advance tax in instalments (n2)  during the financial year itself.


*Specified limit Rs.10,000/-

# Every person, except a resident individual senior citizen not having income from business or profession.


Note 1: An Assessee who declares his business income  in accordance with the presumptive tax scheme is required to discharge the whole amount of his advance tax by 15th March.


Note 2: Due dates for payment of Tax



If the assessee does not pay the advance tax in accordance with the specified due dates, he shall be liable to pay the following interest:

a)Interest under section 234B for default in payment of advance tax.

b)Interest under section 234C for deferment of payment of advance tax.


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