Last date for advance tax today: Today is the last date for paying advance tax. The last date for depositing advance tax is 15 September 2023. You can pay advance tax both online and offline. Advance tax is paid in four installments on or before the 15th of the last month of each quarter.
pay advance tax
Advance tax is tax which is paid during the financial year rather than at the end of the year. Tax laws tell when it has to be paid throughout the year. Advance tax is paid in installments over a financial year. Advance tax is also called paying as per your earnings.
Penalty is imposed for non-payment of advance tax
In case of non-deposit of advance tax on time, penalty can be imposed on tax under Section 23B and 234C of the Income Tax Act. If the taxpayer does not deposit the entire amount of advance tax or the advance tax paid is less than 90 percent. Interest is charged under section 234B on the total advance tax liability. If the advance tax installment paid is less than the prescribed percentage, interest under section 234C is charged at 1% every month or part of the month from April till the date of tax payment.
How to pay advance tax
1. Log in to the official website of Income Tax Department www.incometax.gov.in and click on e-payment service.
2. Select ITNS 280 form. This is an alternative to individual tax payment.
3. Select the code for advance tax and fill the name, address, PAN, mobile number and other information in the form.
4. Click on Proceed.
5. Make the payment on the payment gateway page.
6. After payment Challan 280 receipt will be generated.
7. Keep a copy safe for future.