Missed December 15 advance tax deadline? This is what is going to occur

Revenue tax paid in installments all year long reasonably than on the finish of the fiscal 12 months is named advance tax or “pay as you earn” tax. It applies to individuals and firms that owe at the least ₹10,000 in taxes yearly.

There are 4 funds within the cost schedule:

*15% of the tax obligation by June fifteenth

*45% of the tax obligation by September 15 (adjusted for earlier funds)

*75% of the tax obligation by December 15

*100% of the tax obligation by March 15

The excellent news is that taxpayers mechanically obtain an extension if December 15 happens on a Sunday. There are not any penalties or curiosity if funds are made on December 16, 2024, the subsequent enterprise day, Enterprise At this time reported.

This reduction relies on a long-standing rule that the Revenue Tax Division clarified in a 1994 round. It stated,”If the receiving financial institution is closed on the day that the final day for cost of any installment of advance tax is due, the cost could also be made on the next working day with out incurring curiosity underneath sections 234B or 234C of the Revenue Tax Act.”

Here’s a transient how-to for finishing the cost:

Select “e-Pay Tax” from the Fast Hyperlinks part of the Revenue Tax Division’s web site.

Present your registered cell quantity, verify your data, and enter your PAN.

Enter the obtained OTP.

Enter the quantity owed underneath “Advance Tax (100)” after deciding on the tax class.

Select your cost choice, test the knowledge, and ensure.

Taxpayers might calm down now that the extension has been granted. To stop issues, simply be sure the cost is paid earlier than December 16.