Taxpayers have 1 day left to make the second installment payment of advance tax for the financial year 2024-2025.
The deadline is September 15, 2024.
Failure to meet this deadline will result in penalties under Sections 234B and 234C of the Income Tax Act.
Advance Tax Payment Schedule
Advance tax must be paid four times within the financial year in which the income is earned:
15% by June 15
45% by September 15 (including the June installment)
75% by December 15 (including the June and September installments)
100% by March 15
Penalties for Late Payment
If you still have a tax liability of Rs 10,000 or more after accounting for TDS, you are required to pay advance tax.
This includes income from sources other than salary, such as rent, capital gains, FD interest, or lottery winnings.
Failure to pay advance tax or late payment incurs penalties:
Section 234B: Interest at 1% per month if less than 90% of the total tax is paid by March 31.
Section 234C: Interest at 1% per month for delayed installments.
To avoid additional costs, ensure your advance tax payments are made promptly and correctly.
