Advance Tax

Advance tax is generally payable by individuals, companies, and other entities with a tax liability of Rs 10,000 or more in a financial year, in four instalments. Senior citizens without business income are typically exempt.

Drop in tax collection not a worry, expect 5–6% rise in September, says govt source

The government has pegged mid-year mop-up at Rs 11.34 lakh crore, driven by inflows from the second advance tax instalment which is due September 15

Net direct tax collection slips 1.39% to Rs 4.58 lakh crore; refunds surge over 58%

While the non-corporate tax witnessed 2.68 percent negative growth in advance tax, corporate tax grew by 5.86 percent till June 19.

Advance tax: As the third installment is due on Dec 15, here’s why you must adhere to the deadline

Individuals whose estimated tax liability is likely to be over Rs 10,000 in a financial year are required to pay advance tax that year.

Financial changes that may impact you this December

In December, watch out for RBI’s policy announcement. Then, update your Aadhaar for free, pay your advance tax and file belated tax returns to avoid penalties, among others. Watch here for more details - #rbi #reporate #tax #taxregime #taxregulations #finance #uidai #aadharcard

Advance tax: Pay your second installment by September 15 to avoid penalties

Advance tax payments are to be made in four installments in a financial year – June 15, September 15, December 15 and March 15. This tax becomes due if your estimated tax payable exceeds Rs 10,000.

Come September, don’t let these 7 changes surprise your wallet

A slew of changes are due In September, some of which could hurt your wallet if you’re not careful.

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.

Pay third instalment of advance tax on December 15, if your estimated tax liability is more than Rs 10,000 for the fiscal year

According to Section 208 of the Income-tax Act, any individual with an estimated tax liability of Rs 10,000 or more for the year is required to make advance tax payments in four tranches, with the third part falling due on December 15.

Seven financial changes that may impact you this December

From providing nomination or opt-out for investments in MFs and demat accounts to changes to HDFC Bank’s Regalia credit card lounge access within India, you need to be aware of several changes in the financial arena.

Advance tax growth after 2nd instalment signals good market sentiment ahead of festive season: Experts

The Advance Tax collections for Financial Year 2023-24 as on September 16 stand at Rs. 3.55 lakh crore as compared to Rs 2.94 lakh crore for the corresponding period of previous fiscal.

Eight financial changes that may impact you this September

From the end of deadlines for exchanging Rs 2,000 notes, providing nomination or opt-out for investments in MFs and demat accounts to significant changes to Axis Bank Magnus and Reserve card, there is much happening in the financial arena you need to be aware of.

Income-tax shocker: Data on advance tax payments missing in prefilled return forms

The missing data is a gut punch that has stunned taxpayers, who are struggling to compute their income-tax returns, say chartered accountants.

Companies' advance tax payments on income tax department radar

Senior tax officials will monitor the advance tax collection, and they have been asked to concentrate on 'notes' and observations on financial accounts, if any

Third installment of advance tax is due tomorrow. Missing the deadline may prove costly

Taxpayers — salaried, freelancers and businesses — whose estimated income results in tax liability of more than Rs 10,000 in a financial year are required to pay advance tax.

Direct tax collections so far this fiscal rise 53.2% to Rs 2.58 lakh crore

The advance collection of corporate tax and personal income tax in the first quarter witnessed a healthy growth over last year, initial trends indicated.

June 15 is the deadline for the first advance tax instalment. Here’s how to calculate your liability

The advance tax has to be paid in four instalments over the course of the financial year. Any delay will lead to penal interest being levied.

Advance tax collections jump 41%; net direct tax mop-up soars 48%

Net collections of direct taxes until March 16, 2022 in the fiscal year that started on April 1, 2021 stood at Rs 13.63 lakh crore, compared to Rs 9.18 lakh crore in the same period a year back, an official statement said.

Under presumptive taxation scheme, entire advance tax must be paid in one instalment by March 15

Those who opt for the presumptive taxation scheme are not required to maintain books of accounts. They also have to pay advance tax in one go instead of four instalments.

Have you paid your advance tax? The fourth and final instalment of advance tax for FY 22 is due today

Make sure you clear 100% of your advance tax liability for the financial year 2021-22 by today, March 15, 2022. Non-payment of advance tax attracts penal interest until you clear your dues.

Net direct tax collections till September 22 grew 74%, says Finance Ministry

The collections from April 1-September 22 this year were 27 percent higher even compared to the same period of pre-pandemic 2019-20 when net direct tax collection was Rs 4.49 lakh crore.

September 15: Last day to pay second instalment of advance tax; avoid these errors

If you miss advance tax payments or delay them, there is penal interest on the taxes due

Deadline today: Are you a salaried individual with incomes other than salary? Check how to pay advance tax

Advance tax has to be paid in four installments, the first installment of 15%, needs to be paid by June 15. Non-payment of advance tax before the due date attracts penal interest on the due amount.

Today is the deadline to pay 100% of your advance income tax liability. Don’t miss it

Income tax rules state that if your annual estimated income tax in the current financial year is at least Rs 10,000, then you have to pay advance income tax in four installments throughout the year. Your last installment deadline for income earned in 2020-21 is March 15, Monday.

Budget 2021: Much to cheer for taxpayers on procedural changes

The easing of procedural norms for senior citizens, NRIs and advance tax payers is welcome