The tax that is paid before the end of a financial year is called an advance tax. One can pay this tax if only he/she owes more than Rs 10,000 in taxes for the year. There is a provision to pay the amount in instalments as well. You can pay 15% of the tax by 15th June, 45% by 15th September, 75% by 15th December and the entire amount by 15th March. I hope these dates answer the most common question- what is the due date for payment of tax.
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Who must pay the advance tax?Knowing what is the due date for payment of advance tax is not enough. You must know who is supposed to pay this tax as well. So the people liable to pay the advance tax are-
Taxpayers who owe more than Rs 10,000 in taxes after the TDS adjustment is done.
Taxpayers who chose a presumptive tax regime under Section 44AD have to pay the advance tax in a single payment before or on 15th March
Section 44AD also states that independent individual professionals like architects, doctors, lawyers and more must pay the advance tax on or before 15th March
To answer the question- what is the last date of advance tax payment, I would say that one must pay the advance tax by 15th March (or by 31st March as applicable to some).
You can pay the tax online now. Just visit the Income Tax Department portal or click on
https://www.protean-tinpan.com/
Choose services and then proceed with the payment.
I hope this answer about what is the due date for payment of tax was easy to understand.
Read More:What is difference between advance tax and self assessment tax?
What are the last dates for advance tax payment?
How to calculate interest on late payment of advance tax?
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Authors Of The Question
What is the Last Date of Advance Tax Payment?
Komal
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1 Answers
1 Year
2023-04-21T09:56:06+00:00 2023-04-24T10:07:37+00:00Comment
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