Coming soon: March 15 is last deadline to pay advance tax

If you are anticipating a tax liability of Rs 10,000 or more in a year, get ready to pay advance tax. Failure to do so will attract 1 percent penal interest per month. But if you miss the March 15 deadline, you can still pay your advance tax by March 31, albeit with one month’s interest. So, don't wait until July 31 to do this.

Maulik M
March 06, 2024 / 08:43 AM IST
Coming soon: March 15 is last deadline to pay advance tax

Any individual who anticipates a tax liability of Rs 10,000 or more in a financial year is liable to pay advance tax over the course of that year, as per Section 208 of the Income Tax Act.

With the March 15, 2024, deadline for advance tax payment drawing near, taxpayers need to get cracking right away. If you miss this deadline, be ready to pay penal interest on your tax dues. But first, who has to pay advance tax? Any individual who anticipates a tax liability of Rs 10,000 or more in a financial year is liable to pay advance tax over the course of that year, as per Section 208 of the Income Tax Act. If you...