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Thursday, April 25, 2024

Income Tax Warning March 15th is the last day to file an advance tax installment; be prepared

<p><strong>Income tax notice:</strong> The deadline for paying advance taxes is March 15. The advance tax burden should be carefully calculated by taxpayers.</p>
<p><img decoding=”async” class=”alignnone wp-image-512134″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-income-tax-warning-march-15th-is-the-last-day-to-file-an-advance-tax-installment-b.jpg” alt=”theindiaprint.com income tax warning march 15th is the last day to file an advance tax installment b” width=”1129″ height=”753″ title=”Income Tax Warning March 15th is the last day to file an advance tax installment; be prepared 3″></p>
<p>The tax known as advance tax is one that taxpayers must pay in advance, as opposed to all at once at the end of the year. A taxpayer is required to pay advance tax if, after deducting tax deducted at source (TDS), their expected yearly tax bill for any given financial year exceeds Rs 10,000. It is also known as the income tax that you must pay.</p>
<p>The Income-Tax Act of 1961 makes it very evident that in order to avoid fines, persons must pay advance tax according to a predetermined timetable. There are four installments that must be paid for the advance tax. June, September, December, and March are the deadlines.</p>
<p>In the event that the taxpayers miss the payment date, they will be subject to penalties under Sections 234B and 243C.</p>
<p><strong>Who Must Pay Tax in Advance?</strong></p>
<p>Businesses, independent contractors, and salaried individuals: You must pay advance tax if you anticipate having a total tax burden for the financial year of more than Rs 10,000.</p>
<p>Senior citizens: Individuals without a business income who are 60 years of age or older are exempt. Seniors with company income, however, are required to pay an advance tax.</p>
<p>Presumptive income taxpayers: Companies and professionals covered by sections 44AD and 44ADA of the presumptive taxation system may choose to pay their full advance tax by March 15th or March 31st, in one payment.</p>
<p><strong>How Do I Pay Income Tax Advances?</strong></p>
<p>Throughout the fiscal year, qualifying taxpayers must pay their advance income taxes in four installments, usually in the months of June, September, December, and March. The National Securities Depository or the Income Tax Department’s official website, incometaxindia.gov.in, provides easy online options for making these payments.</p>
<p>Visit the e-filing site of the IT department.</p>
<p>On the e-tax site, click</p>
<p>Put PAN in the appropriate box, then enter it again to be sure it’s there.</p>
<p>Enter your cellphone number and choose “Continue.”</p>
<p>Enter the six-digit OTP that was sent to your cell phone, then choose Continue.</p>
<p>Under the first box that says Income Tax, click Proceed.</p>
<p>Click Continue after choosing 2024–25 as the assessment year and Advance Tax as the payment method.</p>
<p>Enter every piece of information in the text, then choose Continue.</p>
<p>Choose a convenient payment option, then click “Continue.”</p>
<p>The following page will provide an acknowledgment when payment has been completed; keep this text receipt for future use and when submitting your ITR.</p>

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