Advance Income Tax Payment Due Date : The Income Tax Department has given the power to pay tax upfront for the comfort of taxpayers. If you additionally pay tax upfront, or need to achieve this. So this information can show to be of nice use to you. As per the foundations of the Income Tax Department, it’s important to deposit advance tax 4 occasions in a monetary yr. It must be crammed 15 days earlier than the top of each quarter in a yr. Now solely 3 days are left for the final date to pay advance tax for the third quarter within the present monetary yr.

December 15 is the final day

Let us inform you that advance tax must be paid by these taxpayers whose complete tax legal responsibility is greater than Rs 10,000 in a monetary yr. Due to this, as a substitute of placing a lump sum burden of tax legal responsibility on the taxpayers, tax is collected in installments from it. For this, the taxpayer himself has to calculate his tax legal responsibility within the related monetary yr, and divide it into 4 equal elements and pay it each quarter. The installment for the third quarter of the present monetary yr ought to be paid by fifteenth December.

4 installments are deposited yearly

In your entire monetary yr, the taxpayer has to calculate his personal tax legal responsibility and pay advance tax in 4 occasions. Advance tax is a type of advance fee. Its first installment (April-June quarter) ought to go earlier than fifteenth June. The second installment (July-September quarter) must be paid earlier than 15 September, the third installment (October-December quarter) earlier than 15 December and the fourth installment (January-March quarter) earlier than 15 March.

There will likely be loss after the deadline

If you fall beneath the purview of paying advance tax, you’ll have to pay your dues earlier than December 15, 2022. If you miss the deadline for submitting advance tax, then the Income Tax Department can even cost you a penalty. If you don’t pay advance tax on time, you’ll have to pay curiosity beneath part 234-B and 234-C. This curiosity will likely be 1 p.c of the excellent quantity each month. If you pay advance tax each quarter, in any other case you’ll have to pay curiosity for 3 months immediately. It implies that should you miss the date of fifteenth December, you’ll have to deposit curiosity for 3 months immediately.

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