Income tax : Advance tax last instalment deadline ends today. Details here

Income Tax: Individuals and businesses should pay income tax in advance through periodic installments. Here's how to pay it

Published on: Mar 15, 2024, 10:20:11 IST

By HT News Desk

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Advance Income tax: Today (March 15) is the due date to pay advance tax. Advance tax refers to income tax amount that is required to be paid in installments according to specified due dates instead of paying it in a single lump sum. Individuals and businesses should pay income tax in advance through periodic installments.

Income Tax: Individuals and businesses should pay income tax in advance through periodic installments.

Deadlines for advance tax payments:

Advance Income tax: What happens if taxpayers fail to pay advance tax?

Failure to pay advance tax on time can lead to interest charges as per sections 234B and 234C of the Income Tax Act, 1961.

Advance Income tax: How to pay advance tax online

Visit income tax website.
Select ‘e-pay tax’ and then enter your PAN and password.
Click on “Advance Tax”.
After this, choose your preferred payment method and complete the payment by clicking the "Pay Now" button.
Once this is completed, you'll receive a receipt as confirmation of your payment.

Advance Income tax: What Income Tax department said

Read more: Income tax refunds: Taxpayers to get pending refunds for FY2020-21 by April 30. Check your email

Income Tax department found errors in securities market data from a reporting entity's financial transactions statement and said, “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 based on updated information. Hence, the data on AIS will be updated. Taxpayers are advised to wait for further updates on AIS based on the revised statement.”

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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