March 15 marks the deadline for the payment of advance tax, a crucial obligation for taxpayers, who must ensure accurate calculation of their advance tax liability.
Advance tax is the portion of income tax that individuals and businesses are required to pay in installments, rather than in a single lump sum. These installments are spread across specified due dates throughout the financial year.
The deadlines for advance tax payments are as follows:
According to Balwant Jain, a tax and investment expert from Mumbai, “Any taxpayer whose tax liability, after reducing TDS and TCS, exceeds ₹10,000, is required to pay advance tax in four installments.”
Failure to pay advance tax on time results in interest charges as per sections 234B and 234C of the Income Tax Act, 1961. To avoid penalties, prompt payments are essential.
To facilitate the payment of advance tax, taxpayers can follow these steps for online payment:
Upon successful processing, taxpayers will receive a receipt confirming the payment.
Based on feedback from taxpayers on the e-campaign for Advance Tax, the Department has identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the Reporting Entities. The reporting entity has been asked to submit a revised statement…
— Income Tax India (@IncomeTaxIndia) March 11, 2024
Furthermore, the income tax department identified errors in securities market data during the advance tax e-campaign, prompted by feedback from taxpayers. Reporting entities were requested to submit revised statements based on updated information to rectify inconsistencies in the data.
Disclaimer: It’s important to note that the views expressed above are those of individual analysts, and investors are advised to consult certified experts before making investment decisions.