New Delhi: The last date to file advance income tax for FY 2024-25 was March 15, 2025. However, people who missed paying the particular tax, can still pay the last quarter’s due advance tax by paying interest under Section 234C.
It is prudent to pay the interest and pay the advance tax before March 31, 2025 as this interest will be less than what an individual would pay after 31st March.
If a person does not pay the last quarter’s advance tax by the end of the current month, then he will be entitled to pay an additional interest under Section 234B from April 1, 2025. Taxpayers, having a total tax liability above Rs 10,000 in a financial year, are required to pay Advance Tax.
Interest under Section 234C needs to be paid if you are paying advance tax after the deadline of March 15, 2025. Under Section 234C interest at 1% rate per month or part of the month on the amount of deferred tax needs to be paid if the advance tax is paid after the deadline is over.
If you have missed paying advance tax by deadline, which was March 15, then a taxpayer can file it before 31st March, 2025 to avoid another interest charge. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
