Right this moment is the final date for depositing advance tax: If you don’t deposit the final installment of FY24 as we speak, you’ll have to pay penalty.

Right this moment (15 March) is the final date for depositing advance tax for the fourth i.e. final quarter of the monetary yr 2023-24. If you don’t deposit it as we speak, you’ll have to pay penalty and curiosity.

Within the first three installments of the monetary yr 2024 until December 17, 2023, the federal government has collected a complete advance tax of Rs 6,25,249 crore. That is 19.94% greater than the identical interval of the final monetary yr i.e. 2022-23.

Throughout this era folks had paid Rs 5,21,302 crore advance tax. The overall advance tax collected included Company Tax (CIT) at Rs 4,81,840 crore and Private Revenue Tax (PIT) at Rs 1,43,404 crore.
Advance tax must be paid 4 occasions a yr

What’s advance tax and advance tax assortment?
Advance tax is like regular tax, however it must be deposited in installments as a substitute of being deposited as soon as on the finish of the yr. Additionally it is referred to as earnings tax. The due date for its cost is set by the Revenue Tax Division.

Why is advance tax deposited?
In line with Part 208 of the Revenue Tax Act, an individual who has an estimated tax legal responsibility of greater than Rs 10,000 in a monetary yr. He has to pay advance tax. Folks above 60 years of age are exempted from this.