Advance Tax due date 15 SEP 2023: 2nd Installment for Advance Tax Submission

In a recent effort to address taxpayers who have not paid their advance taxes, the tax department has been sending notices and appears to be taking very strict measures against them. 

The keynote here is that the income tax department will impose a substantial penalty on all defaulters if they fail to pay their taxes promptly.

The deadline for paying advance tax is September 15, 2023. Taxpayers are now consulting Chartered Accountants (CAs) to assess their tax obligations. 

This scheme applies to taxes exceeding 10 thousand. If a taxpayer misses the deadline, they may face a substantial penalty. 

Exemptions for Senior Citizens

This marks the second installment of advance tax for taxpayers. Senior citizens without business income are exempt from paying advance tax.

When is Advance Tax Due?

Taxpayers need to submit advance tax in four installments: 15% by June 15, 45% by September 15, 75% by December 15, and the full 100% by March 15. You can pay this tax electronically through authorized banks' net banking facilities.
 

Advance Tax Payment

Due Dates

Installment

15% of Advance Tax

On or Before 15th June 

1st Installment

45% of advance tax less advance tax already paid

On or Before 15th September

2nd Installment

75% of advance tax less advance tax already paid

On or Before 15th December

3rd Installment

100% of advance tax less advance tax already paid

On or Before 15th March

4th Installment

If you miss the deadline, penalties will apply under sections 234B and 234C of the income tax law.

 

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