Advance Tax Deadline: You have only a few days left to pay tax in advance. You have to deposit your advance tax before December 15, 2022.
Advance Income Tax Payment Due Date: The Income Tax Department has given the facility to pay advance tax for the convenience of taxpayers. If you also pay tax in advance, or want to do so. So this news can prove to be of great use to you. As per the rules of the Income Tax Department, you have to deposit advance tax 4 times in a financial year. It has to be filled 15 days before the end of every quarter in a year. Now only 2 days are left for the last date to pay advance tax for the third quarter in the current financial year.
December 15 is the last day
Let us tell you that advance tax has to be paid by those taxpayers whose total tax liability is more than Rs 10,000 in a financial year. Due to this, instead of putting a lump sum burden of tax liability on the taxpayers, tax is collected in installments from it. For this, the taxpayer himself has to calculate his tax liability in the relevant financial year, and divide it into 4 equal parts and pay it every quarter. The installment for the third quarter of the current financial year should be paid by 15th December.
4 installments are deposited every year
In the entire financial year, the taxpayer has to calculate his own tax liability and pay advance tax in 4 times. Advance tax is a kind of advance payment. Its first installment (April-June quarter) should go before 15th June. The second installment (July-September quarter) has to be paid before 15 September, the third installment (October-December quarter) before 15 December and the fourth installment (January-March quarter) before 15 March.
There will be loss after the deadline
If you fall under the purview of paying advance tax, you will have to pay your dues before December 15, 2022. If you miss the deadline for filing advance tax, then the Income Tax Department will also charge you a penalty. If you do not pay advance tax on time, you will have to pay interest under section 234-B and 234-C. This interest will be 1 percent of the outstanding amount every month. If you pay advance tax every quarter, otherwise you will have to pay interest for 3 months directly. It means that if you miss the date of 15th December, you will have to deposit interest for 3 months directly.
