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New Delhi, 12 December (Hindustan Reporter). The last date to pay the third installment of advance tax for the current financial year 2023-24 is December 15, 2023. The Income Tax Department has advised taxpayers to pay their advance tax installments on time.
The Income Tax Department, in a statement issued on Ex Post on Tuesday, has appealed to the taxpayers to remember to pay the third installment of their advance tax for the financial year 2023-24 by December 15, 2023. If you miss paying advance tax, you will have to pay penalty. Not only this, you will also have to pay interest for delay.
what is advance tax
Advance tax is a type of income tax, which the taxpayers have to deposit with the Income Tax Department before the end of the current financial year. It is not paid in lump sum on annual basis like normal tax but is deposited in installments. Under this, taxpayers deposit taxes in advance with the Income Tax Department.
Who has to pay advance tax?
According to Section 208 of the Income Tax Act, advance tax has to be paid by those people whose tax liability is more than Rs 10,000. This applies to employed people, freelancers, businessmen and people who earn money in some other way. However, if you are above 60 years of age, those who do not do any kind of business are exempted from advance tax.
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