Jun 14 2024
Advance Tax 1st Instalment Due for FY 2024-25 AY 2025-26

Due Date of Advance Tax FY 24-25 AY 25-26

WHO NEEDS TO PAY ADVANCE TAX?

With reference to Section 208, any Assessee whose estimated tax liability for the year is Rs 10,000 or more must pay advance tax. This includes:

  • Individuals: Any individual with an estimated tax liability of Rs 10,000 or more.
  • Corporates: All types of companies, including public limited companies, private limited companies, and one-person companies.
  • Senior Citizens: People aged 60 years or more who do not run a business are exempt from paying advance tax. Only senior citizens with business income are required to pay advance tax.
  • Presumptive Income for Businesses: Taxpayers under the presumptive taxation scheme (Section 44AD) must pay the entire advance tax by 15th March or have the option to pay all dues by 31st March.
  • Presumptive Income for Professionals: Independent professionals (e.g., doctors, lawyers, architects) under the presumptive scheme (Section 44ADA) must also pay the full advance tax by 15th March or by 31st March.

WHO NEEDS TO PAY ADVANCE TAX?

For both individuals and corporates, advance tax is paid in four instalments during the financial year, running from April to March:

InstalmentDue Date% of Estimated Tax to be Paid
1st15th June15%
2nd15th September45%
3rd15th December75%
4th15th March100%

CALCULATION OF ADVANCE TAX

  1. Compute Tax on Estimated Income from all source for the Year.
  2. Reduce TDS estimated for the year
  3. Reduce Advance tax Paid if any.
  4. Pay the Balance tax in Advance as per the % age given here.
  5. Save Interest.

PAYMENT OF ADVANCE TAX

NameMr. YOUR NAME
Advance Tax forQ1 FY 2024-25
Due Date15-06-2024
PROCEDURE TO MAKE PAYMENT
URL for Paymenthttps://www.incometax.gov.in/iec/foportal/
Quick LinksE Pay Tax
Enter PAN NumberPAN NUMBER
Confirm PAN NumberPAN NUMBER
Enter Phone NumberCONTACT NO.
Enter OTPContinue
Confirm Name and PANContinue
Income TaxProceed
Choose Assessment Year2025-26
Type of Payment (Minor Head) *Advance Tax (100)
 Continue
Fill the Tax Value as Below 
TaxXXXX
SurchargeXXXX
CessXXXX
TotalXXXX
 Continue
Choose Mode of Payment and Complete the challan Payment.
Save the challan for future reference.

CONSEQUENCES OF LATE PAYMENT/NON-PAYMENT

  1. Non-payment of advance tax: Attracts interest under Section 234B. You must pay at least 90% of the total taxes as advance tax or TDS/TCS by 31st March. Failure to do so results in an interest payment of 1% on the entire unpaid amount.
  2. Delay in payment: Attracts interest under Section 234C at 1% per month on the unpaid amount.

Approach for filing Income tax return

Click the Link to chat: https://wa.link/8d6dhu

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#Income tax Filing for FY 2023-24 #ITR 1 #ITR 2 #ITR3 #ITR4 and #ITR5
Due dates for Filing Income tax for FY 2023-24 is 31st July 2024.
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