Advance Tax FY 2024-25: Payment Due Date Ends Today
As the clock ticks down, taxpayers across India are reminded that today marks the end of the due date for the first installment of advance tax for the financial year 2024-25. If you haven’t made your payment yet, it’s time to act fast! Failing to meet this deadline could lead to penalties that you’d surely want to avoid.
Understanding Advance Tax
Advance tax is a system where taxpayers pay their tax liabilities in installments throughout the year, rather than in one lump sum at the end. For the financial year 2024-25, taxpayers are required to pay 45% of their total tax by today, September 15. The remaining installments are due on December 15 (25%) and March 15 (30%).
What Happens If You Miss the Deadline?
Missing the advance tax payment deadline can lead to a hefty penalty. The penalty is generally calculated as a percentage of the tax due, and the longer you delay, the more you might have to pay. Additionally, interest on the unpaid tax amount could add to your financial burden. So, if you’re still pondering whether to make that payment, consider this your wake-up call!
How to Make Your Payment?
Making your advance tax payment is straightforward. You can do it online through the Income Tax Department’s website, or you can visit your bank for assistance. Just ensure you have all the necessary documents handy to avoid any last-minute hassle.
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Conclusion
Don’t let the deadline pass you by! Ensure your advance tax payment is made today to avoid penalties and interest. Remember, proactive tax planning is the key to a stress-free financial year. Happy tax paying!
