Advance Income Tax 2024 Before the due date, the Income Tax Department wants all people to pay their advance tax bills.
Advance Income Tax 2024-Today, March 15, 2024, is the last day for Indian taxpayers to pay their fourth and final advance tax payment for the fiscal year 2023–24. If you miss this date, you may have to pay fines and interest.
People who pay their income tax through advance tax can spread their payments out over the year instead of having to pay a big lump sum at the end of the financial year. This method makes sure that the government always gets tax money.
Who Has to Pay Tax Up Front?
People who get paid a salary, freelancers, and businesses must pay advance tax if their total tax bill for the year is projected to be more than ₹10,000.
Citizens over 60: People over 60 who don’t make money from a business are excluded. Seniors who make money from businesses, on the other hand, have to pay an Advance Income Tax 2024.
Businesses and professionals who are subject to the presumptive taxation plan (sections 44AD and 44ADA) can choose to pay all of their advance tax at once by March 15th or by March 31st.
How Do I Pay My Income Tax Early?
People who are required to pay income tax, must do so in four amounts over the course of the year. Usually in June, September, December, and March. The Income Tax Department’s website (incometaxindia.gov.in), or the National Securities Depository’s website (nsd.in). Both make it easy to make these payments online.
Do something now to avoid fines
Before the due date, the Income Tax Department wants all people to pay their advance tax bills.
Bimal Mardi is a Professional Content Writer. He works in First Santal Broadcast Network TV/ News channel in India. Bimal Mardi writes about Technology, Education and Tech Product Reviews
