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Advance tax deadline today: What is the penalty if you miss the due date?
Advance tax deadline today: What is the penalty if you miss the due date? Who should pay? All you need to know
Advance Tax deadline today: September 15 is a key date for all taxpayers in India, with ITR filing deadline and Advance tax deadline clashing today. Many taxpayers in India have to pay their advance tax today, as the deadline in 15 September.
Failing to pay advance tax within the deadline can attract a penalty, according to the income tax department.
Advance tax deadline today: Who should pay?
Taxpayers whose tax liability exceeds ₹10,000 for the year are required to pay advance taxes in instalments, according to the I-T Department. This helps the government collect income tax throughout the year, while also making it easier for taxpayers manage their outflows and avoid paying a large sum for the rest of the year.Salaried individuals often get their advance tax payment made through tax deducted at source (TDS). However, those with other tax income including capital gains, rent or a business are required to pay advance tax within the deadline.
Freelancers and consultants are also required to pay advance tax if their liability crosses ₹10,000. However, those who are above 60 are exempt from paying advance tax, provided they do not have a business.
Advance tax deadline today: How much do you have to pay?
You can pay advance tax in four instalments, according to the Income Tax Department. These include —June 15: 15 per cent of tax liability September 15: 45 per cent of expected tax liability (cumulative) December 15: Taxpayers must pay 75 per cent tax March 15: 100 per cent of tax must be paid by this day.
Therefore, if your annual tax liability is ₹1 lakh, you should have paid ₹15,000 by June 15, and by today you need to pay another ₹30,000, to cumulatively pay the ₹45,000 advance tax.
What is the penalty for missing advance tax deadline?
If you miss the advance tax deadline on 15 September, and fail to pay 45 per cent of your tax liability, there will be penalties and consequences. Under Section 234C of the Income Tax Act, you will be charged 1 per cent on the shortfall for three months until December, when you have to pay another tranche of advance tax.If you still continue underpaying till then and do not pay at least 90 per cent of your advance tax by March, you will be penalised under Section 234B. This means another 1 per cent penalty will be charged until you file your ITR.
Source: LiveMint
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