Income Tax: Taxpayers get intimation for paying lower advance tax
1 year, 3 months ago

Income Tax: Taxpayers get intimation for paying lower advance tax

Live Mint  

Between April and August of this year, the Income Tax Department dispatched notifications to approximately 500,000 taxpayers regarding “zero” and “lower advance tax payments”, as revealed by an official familiar with the situation to Business Standard. The department’s analysis highlighted approximately 2.5 million instances in which taxpayers with substantial incomes and significant high-value purchases made little to no advance tax payments during FY23. In numerous instances, the advance tax payments in the first quarter of the current fiscal year revealed that taxpayers paid lower taxes in comparison to their substantial expenditures, indicating a discrepancy. In cases where the revenue department identifies that a taxpayer has significantly underpaid their initial installment of advance tax, they may issue notifications to prompt these individuals to make timely and accurate advance tax payments.

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ITR advance tax deadline today: Who all should pay these taxes? All you need to know
1 week, 1 day ago

ITR advance tax deadline today: Who all should pay these taxes? All you need to know

Live Mint  

As the third installment of advance tax is due on December 15, taxpayers are reminded of the importance of adhering to this deadline to stay compliant and avoid penalties. Advance tax, often referred to as the "pay-as-you-earn" tax, is a requirement for individuals and businesses whose tax liability for the financial year exceeds ₹10,000. Salaried individuals are also required to …

ITR Advance Tax Deadline Today: Know how to pay tax before due date to avoid penalty
1 week, 2 days ago

ITR Advance Tax Deadline Today: Know how to pay tax before due date to avoid penalty

India TV News  

The advance tax deadline is nearing and taxpayers with an income tax liability exceeding Rs 10,000 must pay advance tax by December 15. According to Section 208 of the Income Tax Act, 1961, taxpayers with an estimated tax liability of over ₹10,000 in a year, are required to pay tax in installments in the form of advance tax. As per …

ITR advance tax deadline on December 15: What is it? How to pay tax before due date? Here’s all you need to know
1 week, 2 days ago

ITR advance tax deadline on December 15: What is it? How to pay tax before due date? Here’s all you need to know

Live Mint  

ITR Advance Tax: The deadline for the third instalment of advance tax is December 15, 2024. However, senior citizens, i.e., taxpayers above the age of 60 years during the current financial year, who do not have any income from a job or a business, are not required to pay advance tax. Instalment dates for advance tax First instalment: Advance tax …

Income tax news: How much money you can save if you pay advance tax on or before December 15— explained
1 week, 2 days ago

Income tax news: How much money you can save if you pay advance tax on or before December 15— explained

Live Mint  

The term "advance tax" describes the portion of income tax that must be paid in instalments by the deadlines rather than all at once. If taxpayers' income tax liability exceeds ₹10,000, they must pay advance tax; otherwise, they will be subject to penalties and penal interest. You can avoid interest penalties under Sections 234B and 234C of the Income Tax …

Income tax news: What happens if taxpayers fail to pay advance tax payment on December 15?
1 week, 4 days ago

Income tax news: What happens if taxpayers fail to pay advance tax payment on December 15?

Live Mint  

Advance tax payment: The deadline to make your advance tax payment is fast approaching — in only three days, on December 15. For advance tax payments done on or before June 15 — 15 per cent of the dues can be paid. For advance tax payments done on or before September 15 — 45 per cent of the dues can …

Advance tax deadline on December 15: What happens if you miss it
1 week, 5 days ago

Advance tax deadline on December 15: What happens if you miss it

India Today  

Paying taxes in advance can help you avoid penalties. Taxpayers with an income tax liability exceeding Rs 10,000 must pay advance tax in four instalments—June 15, September 15, December 15, and March 15. PAYMENT DEADLINE ADJUSTMENT FOR PUBLIC HOLIDAYS If the due date for advance tax payment falls on a public holiday, taxpayers can make the payment on the next …

Advance tax first instalment payment: Who has to pay, penalty for missing
6 months, 1 week ago

Advance tax first instalment payment: Who has to pay, penalty for missing

Hindustan Times  

Paying income tax in installments throughout the year rather than paying it all at once at the end of the year is advance tax. Advance tax first instalment payment: Taxpayers are required to pay advance tax in four quarterly payments between June 15 and March 15 of the financial year. Taxpayers are required to pay advance tax in four quarterly …

Income Tax department on error after advance tax notices: ‘Wait for updates’
9 months, 1 week ago

Income Tax department on error after advance tax notices: ‘Wait for updates’

Hindustan Times  

Advance tax returns: The Income Tax department said that taxpayers who received advance tax payment notices in the last few days should not worry in case of error. Advance tax returns: The Income Tax department launched an e-campaign on March 10 to intimate tax-payers. The error is due to certain inconsistencies in the securities market-related data reported to them by …

Received advance tax notice with inflated demand? It’s an error. Here’s what to
9 months, 1 week ago

Received advance tax notice with inflated demand? It’s an error. Here’s what to

Live Mint  

“Income Tax Department has received information about certain significant financial transactions relating to FY 2023-24. Please view transactions under e-Campaign tab on Compliance Portal and remember to pay appropriate Advance Tax.” If you have received such a message from the Income Tax department with an inflated tax demand, know that it is an error due to inaccurate reporting of certain …

Advance tax liability: You need to pay advance income tax by this date to avoid penalties
9 months, 1 week ago

Advance tax liability: You need to pay advance income tax by this date to avoid penalties

Hindustan Times  

Advance Income Tax: Annual income and annual tax liability result in the decision on whether you need to pay advance tax or not. In case a taxpayer's annual tax liability for the financial year after subtracting tax deducted at source is more than ₹10,000, they need to pay advance tax so that they can avoid penal interest. Advance Income Tax: …

Tax Calendar March 2024: Don't Miss These Key DUE DATES During The Month
9 months, 2 weeks ago

Tax Calendar March 2024: Don't Miss These Key DUE DATES During The Month

News 18  

The tax calendar provided by the Income Tax Department in outlines crucial deadlines concerning taxes, including the submission of income tax returns, payment of advance tax, and tax deductions at source. Here’s the tax calendar for March 2024: Upcoming Dates March 7, 2024 ​ The due date for the deposit of Tax deducted/collected for February 2024. March 15, 2024 ​Fourth …

Income Tax: How Advance And Self-Assessment Taxes Are Calculated And Paid?
1 year, 9 months ago

Income Tax: How Advance And Self-Assessment Taxes Are Calculated And Paid?

News 18  

Income Tax: In India, advance tax refers to the tax that is paid by individuals, companies, and businesses in advance, rather than waiting to pay it all in a lump sum at the end of the financial year. As per section 208, every person whose estimated tax liability for the year is Rs 10,000 or more, shall pay his tax …

Advance tax, PAN-Aadhaar linking: Important dates to lookout for in March
1 year, 9 months ago

Advance tax, PAN-Aadhaar linking: Important dates to lookout for in March

Live Mint  

There are various financial deadlines that one needs to know before it ends on March 31, which ranges from PAN-Aadhaar linking, to payment of advance tax. Here's a list of things that one needs to look out for: PAN-Aadhaar linking The Income Tax Department has made it mandatory for PAN holders to link it with Aadhaar by the end of …

Income Tax: Last Date to Pay First Advance Tax Today; Calculation, What Happens if You Miss
2 years, 6 months ago

Income Tax: Last Date to Pay First Advance Tax Today; Calculation, What Happens if You Miss

News 18  

Advance tax is the amount of income tax that should be paid in advance during the financial year instead of paying lump-sum amount at the end. According to Section 208 of Income Tax Act, a taxpayer needs to pay advance tax if his or her tax liability is Rs 10,000 or more in a financial year. Taxpayers are required to …

Income tax: Things to do before the financial year draws to a close
2 years, 9 months ago

Income tax: Things to do before the financial year draws to a close

Live Mint  

It's that time of the year when taxpayers must tie all loose ends before the financial year comes to an end. When you calculate income tax liability and it is estimated to be Rs 10,000, you are liable to pay advance tax before the last date. In case taxpayers have earned income through other sources such as capital gains, interest …

Income Tax Calendar 2021: List of Important Dates for I-T Returns, Audit Reports
3 years, 11 months ago

Income Tax Calendar 2021: List of Important Dates for I-T Returns, Audit Reports

News 18  

In a bid to simplify the taxation process and to reward the honest taxpayers, the government has launched a platform called ‘Transparent Taxation – Honouring the Honest’. Here is a list of month-wise important dates as per the Income Tax Calendar 2021: January January 10: Last date for filing of Income Tax Returns for those who need no audit January …

Income tax calendar 2021: Important dates and deadlines you should know
3 years, 11 months ago

Income tax calendar 2021: Important dates and deadlines you should know

India TV News  

The Income Tax department has issued a new e-calendar for the year 2021 having a list of all the important tax-related deadlines. Here is the direct link for Income Tax Calendar 2021 PDF Download: Here are all the important dates you should know from income tax perspective in 2021: January January 7: Due date for deposit of Tax deducted/collected for …

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