Income tax obligation information: What takes place if taxpayers stop working to pay development tax obligation repayment on December 15?

Advance tax obligation repayment: The target date to make your development tax obligation repayment is quick coming close to– in just 3 days, on December 15. So, what takes place if you stop working to pay tax obligation by target date? You can be accountable for charges and passion for hold-up.

Thus, we bring you all you require to understand to finish the procedure and a detailed overview on just how to finish your development tax obligation repayment.

Advance tax obligation repayment: Who Must Pay?

All those taxpayers that have actually a forecasted tax obligation responsibility of 10,000 and even more after tax obligation deducted at resource (TDS) are needed to pay development tax obligation. This is defined under Section 208 of the Income Tax (I-T) Act, 1961 and therefore failing to make this repayment can lead to charges and passion for hold-up.

Advance tax obligation repayment: What Is The Penalty?

Under Sections 234B and 234C of the I-T Act, debtors will certainly have chastening passion imposed at the price of 1 percent each month or component thereof. There is nevertheless, one exception. Senior residents aged 60 and above, are excluded from the development tax obligation repayment, if they are not from company or career, i.e. if they are retired.

Advance tax obligation repayment: Due Dates

Unlike the common I-T repayment, development tax obligation does not need to paid as a round figure. It can be surprised throughout the year in installations based on pre-determined days.

• For development tax obligation settlements done on or prior to June 15– 15 percent of the charges can be paid.
• For development tax obligation settlements done on or prior to September 15– 45 percent of the charges can be paid.
• For development tax obligation settlements done on or prior to December 15– 75 percent of the charges can be paid.
• On or prior to March 15– 100 percent of the of development tax obligation is paid.

For the fiscal years 2022-23 and 2023-24, the due days for development tax obligation settlements weare June 15, September 15, December 15, and March 15.

Step- by-Step Guide: How to Complete Advance Tax Payment

• Go to the main e-filing website of the Indian Income Tax Department.

Look for the ‘Quick Links’ area on the left side of the web page and click ‘e-Pay Tax’. Alternatively, you can make use of the search bar to locate the ‘e-Pay Tax’ choice.

Enter your FRYING PAN (Permanent Account Number) and verify it by entering it once again. Provide your mobile number and click ‘Continue’.

You will certainly get a 6-digit OTP (One-Time Password) on your mobile number. Enter this OTP and click ‘Continue’.

Select the ‘Income Tax’ choice from the checkboxes and click ‘Proceed’.

Choose the Assessment Year as 2024-25 and the ‘Type of Payment’ as ‘Advance Tax (100 )’. Click ‘Continue’.

Fill in all the needed tax obligation information.

Select your favored repayment approach and financial institution, and click ‘Continue’.

Review the challan information and click ‘Pay Now’. If required, you can modify the information prior to continuing.

After the repayment is finished, you will certainly get a recognition on the following display. Save a duplicate of the tax obligation invoice, which consists of the BSR code and challan identification number, for future referral. These information will certainly be needed when submitting your income tax return.