Consideration Taxpayers: Solely two days left to do that essential factor associated to revenue tax – Examine Particulars
In keeping with Revenue Tax laws, these people having a complete tax legal responsibility on revenue from sources apart from wage of over Rs 10,000 for the monetary yr have to pay tax upfront.
The Revenue Tax Division has issued a reminder concerning the final quarterly instalment of advance tax for the monetary yr 2024-25. The IT Division stated that the ultimate installment of advance tax should be paid by March 15, 2025.
This implies solely two days stay (excluding in the present day) to make the cost.
“Sort Consideration Taxpayers! The ultimate instalment of Advance Tax for FY 2024-25 is due by fifteenth March 2025. Well timed cost ensures your compliance with tax legal guidelines and helps the ‘Viksit Bharat Motion,’ driving India’s journey in direction of self-reliance and prosperity,” the Revenue Tax division stated in a put up on X (previously Twitter).
Who must pay advance tax?
In keeping with Revenue Tax laws, these people having a complete tax legal responsibility on revenue from sources apart from wage of over Rs 10,000 for the monetary yr have to pay tax upfront.
Employers deduct and remit advance tax on wage to the revenue tax division.
Nonetheless, employers should be sure that they declare their further revenue to the employer in order that they will deduct the proper TDS. Because the tax is already taken care of by the employer, the workers need not pay any advance tax.
Nonetheless, in case the tax deducted is lower than the precise tax, wage people might need to pay big curiosity underneath Sections 234C.
Due Date Advance Tax Legal responsibility
- On or earlier than fifteenth June 15 per cent of the assessed tax
- On or earlier than fifteenth September 45 per cent of the assessed tax
- On or earlier than fifteenth December 75 per cent of the assessed tax
- On or earlier than fifteenth March 100 per cent of the assessed tax
Penalty and curiosity for those who fail to pay
| Due date of Installment | Quantity Payable | Minimal Quantity Payable for Non-applicability of Curiosity u/s 234C of IT Act | Curiosity Payable u/s 234C of IT Act |
| On or earlier than fifteenth June | 15 per cent | 12 per cent | 1 per cent x 3 months x shortfall in tax |
| On or earlier than fifteenth September | 45 per cent | 36 per cent | 1 per cent x 3 months x shortfall in tax |
| On or earlier than fifteenth December | 75 per cent | 75 per cent | 1 per cent x 3 months x shortfall in tax |
| On or earlier than fifteenth March | 100 per cent | 100 per cent | 1 per cent x 1 month x shortfall in tax |
