Taxpayers Heads up! You've got just one day left to pay the third installment of advance tax payment. The December 15 deadline for the third installment of advance tax payment. It's important to get it done ASAP. Missing this deadline could mean extra charges and penalties. Make sure to pay on time to avoid any issues. Individuals with anticipated tax liabilities of ₹10,000 or above, factoring in the TDS from the preceding year, must comply with the obligation to pay advance tax, as stipulated by Section 208 of the Income Tax Act, 1961.
However, Senior citizens aged 60 or above in a financial year, who are residents and don't earn income from business or profession, are exempted from the obligation of paying advance tax. Remember, starting from the financial year 2022-23 and continuing into 2023-24, advance tax payments are required to be made by certain dates. These dates are June 15, September 15, December 15, and March 15.
Simple steps for advance Tax online?
1. Navigate to the homepage of the Indian Income Tax Department's official e-filing portal.
2. Look for the 'Quick Links' section situated on the left side of the home page. Alternatively, you can use the search bar to locate the 'e-Pay Tax' option.
3. Upon finding 'e-Pay Tax,' click on it to proceed.
4. Enter your PAN (Permanent Account Number) and confirm it by entering it once again. Provide your mobile number as well and then click 'Continue.'
5. Shortly, you will receive a 6-digit OTP (One-Time Password) on the mobile number you provided. Enter this OTP and click 'Continue' to verify your identity.
6. On the subsequent screen, select the 'Income Tax' option from the available checkboxes and click 'Proceed' to advance to the next step.
7. Choose the Assessment Year as 2024-25 and opt for 'Advance Tax (100)' as the 'Type of Payment.' Click 'Continue' to proceed.
8. Fill in all the necessary tax details as prompted by the portal.
9. Select your preferred payment method and bank from the options available, then click 'Continue' to move forward with the transaction.
10. Review the details of the challan, and if necessary, make any required edits before proceeding.
11. Click 'Pay Now' to complete the payment process.
12. Following the successful completion of the payment, you will receive an acknowledgement on the next screen. Ensure to save a copy of the tax receipt, as it contains essential information such as the BSR code and challan serial number. These details will be needed when filing your tax return in the future. Very important thing, For the fiscal years 2022-23 and 2023-24, advance tax payments are required to be made by June 15, September 15, December 15, and March 15.