• Notification Date: 16-03-2024
  • Notification No: N/A

Advance Tax Last Instalment Deadline Ends 15 March

March 15 was 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.

Deadlines for Advance Tax Payments:

June 15: Pay 15% of the advance tax,

September 15: Pay 45% of the advance tax, subtracting already paid,

December 15: Pay 75% of the advance tax, subtracting already paid,

March 15: Pay remaining balance of the advance tax, subtracting already paid.

What to do if Taxpayers fail to Pay Advance Tax on Time?

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

How to Pay Advance Tax Online?

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