The third installment of advance tax has to be paid on 15 December. It is deposited in four installments. Interest is charged if the tax is not deposited on time.
Advance Tax : The time to pay the third installment of advance tax is coming closer. The third installment of advance tax has to be paid by 15 December. It is a type of income tax, which is paid before the end of the financial year.
It is deposited in four installments. Tax has to be paid up to 15 percent by 15 June, 45 percent by 15 September, 75 percent by 15 December and 100 percent by 15 March. In case of not being able to pay the tax within the stipulated date, a penalty has to be paid.
You can deposit it in both online and offline mode
You can deposit it in both online and offline mode. For online payment, you have to go to the official website of Income Tax, whereas in offline mode you can pay the tax by visiting the bank branch.
Advance tax has to be paid on these
Advance tax has to be paid on the potential income of the person. People who earn taxable income of Rs 10,000 or more (after deducting TDS) in a financial year through job, freelancing or business have to pay advance tax.
Although the tax is paid in advance, it is calculated keeping in mind the income earned throughout the year. If your salary is taxable, then the company deducts TDS and deposits it with the government. Such people do not have to pay tax separately.
Shri Sanjay Malhotra takes charge as the 26th Governor of Reserve Bank of India for the next 3 years w.e.f December 11, 2024#RBI #rbigovernor #sanjaymalhotra #rbitoday pic.twitter.com/aa7UdIcWIS
— ReserveBankOfIndia (@RBI) December 11, 2024
Benefits of Advance Tax
It has many benefits. Since advance tax is deposited in installments, the government has a constant flow of money throughout the year. This strengthens the economy. The government does not have to unnecessarily spend the money required to work on any scheme. By paying advance tax, you contribute to the development of the country and this strengthens the creation of a developed India.