Advance Tax Deadline: The date for depositing advance tax is near, if you miss it then you will have to pay this much fine.

Advance Tax: The time to pay the third installment of advance tax is approaching. The third installment of advance tax has to be paid by fifteenth December. This is a type of revenue tax, which is paid earlier than the tip of the monetary 12 months. It is deposited in 4 installments. Tax has to be paid up to 15 p.c by June 15, 45 p.c by September 15, 75 p.c by December 15 and 100% by March 15. In case of failure to pay tax inside the stipulated date, penalty has to be paid.

Deposit will be made in each on-line and offline mode

You can submit it by way of each on-line or offline mode. For on-line cost, you will have to go to the official web site of Income Tax, whereas in offline mode you can pay the tax by visiting the financial institution department.

They have to pay advance tax

Advance tax is to be paid on the potential revenue of the particular person. People who earn taxable revenue of Rs 10,000 or extra in a monetary 12 months (minus TDS) by way of job, freelancing or enterprise have to pay advance tax.

Even although tax is paid in advance, it is calculated conserving in thoughts the revenue earned all year long. If your wage is eligible to pay tax, then the corporate deducts TDS and deposits it with the federal government. Such folks don’t have to pay separate tax.

Shri Sanjay Malhotra takes cost because the twenty sixth Governor of Reserve Bank of India for the subsequent 3 years wef December 11, 2024#RBI #rbigovernor #sanjaymalhotra #rbitoday pic.twitter.com/aa7UdIcWIS

— ReserveBankOfIndia (@RBI) December 11, 2024

Benefits of advance tax

It has many advantages. Since advance tax is deposited in installments, the federal government has a circulation of cash all year long. This boosts the financial system. The authorities doesn’t have to waste the cash wanted to work on any scheme unnecessarily. By paying advance tax, you contribute to the event of the nation and this strengthens the constructing of a developed India.

Online Shopping: Shopping on ONDC can now be costly! Now getting ready to impose consumer cost on such transactions