Advance Tax: The time to pay the third installment of advance tax is approaching. The third installment of advance tax has to be paid by 15th December. This is a kind 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 June 15, 45 percent by September 15, 75 percent by December 15 and 100 percent by March 15. In case of failure to pay tax within the stipulated date, penalty has to be paid.
Deposit can be made in both online and offline mode
You can submit it through both online or offline mode. For online payment, you will have to go to the official website of Income Tax, whereas in offline mode you can pay the tax by visiting the bank branch.
They have to pay advance tax
Advance tax is to be paid on the potential income of the person. People who earn taxable income of Rs 10,000 or more in a financial year (minus TDS) through job, freelancing or business have to pay advance tax.
Even though tax is paid in advance, it is calculated keeping in mind the income earned throughout the year. If your salary is eligible to pay tax, then the company deducts TDS and deposits it with the government. Such people do not have to pay separate tax.
Shri Sanjay Malhotra takes charge as the 26th Governor of Reserve Bank of India for the next 3 years wef 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 flow of money throughout the year. This boosts the economy. The government does not have to waste the money needed to work on any scheme unnecessarily. By paying advance tax, you contribute to the development of the country and this strengthens the building of a developed India.
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