New Delhi: The Income Tax department on June 11, 2024 notified taxpayers in a post on social media platform X that the last date for the payment of the first instalment of advance tax is June 15, 2024. Salaried taxpayers as well as individuals can use current tax rates to compute their tax liabilities. Advance tax payment is also service to the nation since it helps the government to maintain liquidity throughout the year instead of relying for end-of-the-year tax payments to meet expenditure requirements.
What is advance tax?
Advance tax entails the payment of income tax in advance at regular intervals throughout the year, instead of waiting for the end of the year to pay tax in a lump sum. This is also called the ‘pay as you earn’ tax regime. The last date for advance tax payment per quarter is as follows:
June 15, 2024
September 15, 2024
December 15, 2024
March 15, 2024
Kind Attention Taxpayers!
Do mark your calendar and remember to pay your first instalment of Advance Tax by 15th of June, 2024.#Advancetax pic.twitter.com/4MR4T2Jn3t
— Income Tax India (@IncomeTaxIndia) June 11, 2024
What happens if you miss the advance tax deadline
Failure to pay the advance tax instalment by the stated deadline may attract an interest of 1 per cent under section 234B of the I-T Act on the amount outstanding that remained unpaid. The interest will be applicable for a 3-month period of 15 per cent of the amount paid until June 15.
How to pay advance tax online?
Follow these steps to file advance tax online:
Visit the income tax e-filing portal
In the quick links section choose: e-Pay Tax
Enter PAN and registered mobile number
Enter OTP
Choose the Income Tax option
Select assessment year as 2025-26
Select the type of payment as ‘Advance Tax (100)’
Click ‘continue’
Select payment method
Check the challan details
Click on ‘Pay Now’
On completing the advance tax payment, an acknowledgement number will be issued to you
Save the tax receipt for future reference
Advance Tax Payment: The Income Tax department has notified the last date for the payment of the first instalment of advance tax. Know last date and regulations. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
