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 from deposits or rental income — it is imperative to pay advance tax. 10,000 or more, then tax payers must discharge tax liability in form of advance tax Last date All tax payers Tax payers opted for presumptive tax scheme June 15 Minimum 15 percent NIL Sept 15 Minimum 45 percent NIL Dec 15 Minimum 75 percent NIL Mar 15 Minimum 100 percent 100 percent of advance tax While calculating income tax liability, it is important to check for tax deducted at source which is to be deducted to arrive at the tax payable figure. Filing belated returns: Ideally, tax payers must file their income tax returns on or before July 31.

History of this topic

ITR advance tax deadline today: Who all should pay these taxes? All you need to know
1 week, 2 days ago
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 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
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: What happens if taxpayers fail to pay advance tax payment on December 15?
1 week, 4 days ago
Advance tax deadline on December 15: What happens if you miss it
1 week, 5 days ago
Advance tax first instalment payment: Who has to pay, penalty for missing
6 months, 1 week ago
Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment
7 months, 3 weeks ago
Advance tax liability: You need to pay advance income tax by this date to avoid penalties
9 months, 1 week ago
Income Tax: Taxpayers get intimation for paying lower advance tax
1 year, 3 months ago
Income Tax: How Advance And Self-Assessment Taxes Are Calculated And Paid?
1 year, 9 months ago
Income Tax saving: 5 things taxpayers can do before March 31
1 year, 9 months ago
Advance tax, PAN-Aadhaar linking: Important dates to lookout for in March
1 year, 9 months ago
Income Tax Filing: Why should you file the income tax return even after paying TDS?
2 years, 4 months ago
Income Tax: Last Date to Pay First Advance Tax Today; Calculation, What Happens if You Miss
2 years, 6 months ago
Don’t wait for January 2023, start your income tax planning right now with this checklist
2 years, 7 months ago

Discover Related