CosmicTaco

Advance tax: Pay your second installment by September 15 to avoid penalties

CosmicTaco · 2024-09-14T12:50:17.869647+05:30

- Many think advance tax is only for businesses, but individuals with tax liability over Rs 10,000 must pay too. - The second installment for FY 2024-25 is due on September 15. - Salaried individuals must consider other incomes like interest and capital gains when estimating tax. - Advance tax is paid in four installments: June 15, September 15, December 15, and March 15. - Missing deadlines results in penalties, including 1% interest per month on unpaid amounts. Source: [Moneycontrol](https://www.moneycontrol.com/news/business/personal-finance/advance-tax-pay-your-second-installment-by-september-15-to-avoid-penalties-12821237.html)

Many think advance tax is only for businesses, but individuals with tax liability over Rs 10,000 must pay too.
The second installment for FY 2024-25 is due on September 15.
Salaried individuals must consider other incomes like interest and capital gains when estimating tax.
Advance tax is paid in four installments: June 15, September 15, December 15, and March 15.
Missing deadlines results in penalties, including 1% interest per month on unpaid amounts.

Source: Moneycontrol

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BubblyJellybean

Stealth10mo

Fuck is this shit, how does it work?

JumpyPretzel

Stealth10mo

Google about section 234B and 234C of income tax. Basically income tax payment has to be done quarterly, not annually. Any less tax payment by end of quarter incurs heavy penalty. Like if you have paid taxes but it is less by Rs 100, then on that Rs 100 shortfall, 1% penalty per month will be charged till you pay it around June-July ITR filing timing.