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 must be paid on or before June 15, comprising 15% of the dues. Third instalment: Advance tax must be paid on or before December 15, comprising 75% of the dues. Fourth and final instalment: Advance tax must be paid on or before March 15, finishing 100 per cent of the dues.

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History of this topic

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, 1 day 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 …

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, 4 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 …

December tax deadlines: Your essential guide for ITR compliance
2 weeks, 5 days ago

December tax deadlines: Your essential guide for ITR compliance

India Today  

As the year comes to a close, December becomes a vital month for taxpayers to fulfil important financial and compliance duties. Staying on top of the crucial deadlines in December 2024 is key to ensuring smooth compliance and taking full advantage of available tax benefits. DECEMBER 7, 2024 The last date to deposit tax deducted or collected for the month …

ITR filing: Deadline to file tax returns for corporates, some taxpayers is November 15; Check penalty and other details
1 month, 1 week ago

ITR filing: Deadline to file tax returns for corporates, some taxpayers is November 15; Check penalty and other details

Live Mint  

The deadline to file income tax returns by corporates and individuals requiring audit for the financial year 2024-25 is November 15, 2024. Types of taxpayers to file returns by Nov 15: As per an Economic Times report citing Prakash Hegde, a chartered accountant, there are three types of taxpayers who have to file ITR by November 15, for the financial …

ITR deadline is November 15, 2024 for these taxpayers: Check details
1 month, 1 week ago

ITR deadline is November 15, 2024 for these taxpayers: Check details

Hindustan Times  

The deadline for filing income tax returns for the financial year 2023-24 is November 15, 2024, specifically for taxpayers subject to an income tax audit and some other designated taxpayers, The Economic Times reported. Thus, the tax audit report must also be submitted before filing the ITR. The ET report cited chartered accountant Prakash Hegde as saying the following types …

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 …

10 personal finance deadlines to watch out this June
6 months, 3 weeks ago

10 personal finance deadlines to watch out this June

Hindustan Times  

This June will see a number of financial changes taking place. After June 14, 2024, there’s a charge of Rs.50 for updating your proof of identity and address, the Economic Times wrote 6) Swiggy-HDFC Bank credit card cashback Beginning June 21, cashback for the Swiggy HDFC Bank credit card will be adjusted against the card statement balance for the following …

ITR calendar 2024: Important dates and deadlines you must not miss
7 months, 3 weeks ago

ITR calendar 2024: Important dates and deadlines you must not miss

Hindustan Times  

The month of May is an important one as far as ITR calendar is concerned as it has a number of important deadlines that have to be met by those on whom these are applicable. Here's a thorough guide to the key dates you'll want to note down in your calendar for May 2024, ensuring you're well-prepared to manage your …

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment
7 months, 3 weeks ago

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment

News 18  

In India, advance tax denotes the tax individuals, companies, and businesses pay ahead of time instead of deferring payment until 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 in advance, in the form of ‘Advance Tax’. The presumptive taxation scheme …

What Will Happen If You Do Not File Your ITR Before The Deadline
8 months, 2 weeks ago

What Will Happen If You Do Not File Your ITR Before The Deadline

News 18  

March has ended, and with the income tax filing season in full swing, individuals are busy ensuring they meet their tax obligations. Missing this deadline can impact your ability to choose between the old and new tax regimes. Filing before this deadline allows taxpayers to select between the old and new tax regimes. In contrast, the old tax regime offers …

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: …

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 …

Income Tax Due Dates in May 2023: Check deadlines for this month's ITR filing
1 year, 7 months ago

Income Tax Due Dates in May 2023: Check deadlines for this month's ITR filing

Firstpost  

With the new changes in the Income Tax Act coming into effect from April 2023, it is time when people need to start worrying about tax deadlines that are due in May 2023 as the month is about to commence. Speaking of which, the Income Tax Department on its official website has issued a tax calendar that states the important …

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 …

ITR Filing AY 2022-23: Rs 5,000 Penalty if you Miss Income Tax FY22 Deadline; Know Details
2 years, 4 months ago

ITR Filing AY 2022-23: Rs 5,000 Penalty if you Miss Income Tax FY22 Deadline; Know Details

News 18  

ITR Filing for AY22-23: Tax season is almost coming to an end with the deadline to file income tax returns ending this week on July 31, which is this Sunday. Over 3.4 crore ITRs filed till 26th July, 2022 & about 30 lakh ITRs filed on 26th July, 2022 itself.The due date to file ITR for AY 2022-23 is 31st …

ITR Due Date AY22-23: Deadline Remains July 31; Govt Not Considering Extending It
2 years, 5 months ago

ITR Due Date AY22-23: Deadline Remains July 31; Govt Not Considering Extending It

News 18  

Revenue Secretary Tarun Bajaj on Friday said the government is not considering extending the July 31 deadline for filing the income tax return. So, for now, individuals who do not need to get their income accounts audited must file ITR for the assessment year 2022-23 by July 31. Over 2.3 crore income tax returns were filed till July 20 for …

ITR Due Date AY 22-23: Know Last Date of Filing ITR for FY22 for Salaried, Companies, Others
2 years, 5 months ago

ITR Due Date AY 22-23: Know Last Date of Filing ITR for FY22 for Salaried, Companies, Others

News 18  

ITR Due Date AY 22-23: If you are an earning individual, you must pay income tax. The last date of filing income tax return for financial year 2021-22 or assessment year 2022-23 is July 31, 2022. 2) The last date for filing income tax return for Hindu Undivided Families, who do not need an audit, is also July 31, 2022. …

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 …

Deadline for ITR filing extended but doesn't provide relief from interest penalties
3 years, 4 months ago

Deadline for ITR filing extended but doesn't provide relief from interest penalties

India Today  

The pandemic led the Government of India to provide relief by extending the ITR filing for the financial year 2020-21 till September 30, 2021. Here are the details of the penal interest to be paid on the extension of the ITR filing date: The interest rate will be charged by 1% every month on the outstanding tax amount as per …

How to file belated Income Tax return for FY 2020, check here
3 years, 7 months ago

How to file belated Income Tax return for FY 2020, check here

India Today  

The government has extended the timelines for various income tax compliances, including the filing of belated or revised return for 2019-20 fiscal, till May 31. The Central Board of Direct Taxes has said that the filing of the belated income tax return under sub-section and revised return under sub-section of Section 139 of the Income Tax Act, 1961, for the …

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 …

Belated Returns: Last date for filing Belated Income Tax Return extended
4 years, 1 month ago

Belated Returns: Last date for filing Belated Income Tax Return extended

India Today  

The deadline to file belated/revised income tax returns for FY 2018-19 has been extended to November 30, 2020, from the earlier one of September 30, 2020. Until assessment year 2017-18, there was no penalty for filing belated income tax returns. Here is how to file an Income Tax Return after the due date: The process of filing a belated return …

ITR Filing: Important dates to know for filing Income Tax Returns
4 years, 1 month ago

ITR Filing: Important dates to know for filing Income Tax Returns

India Today  

The government has now extended the deadline for filing an income tax return by a month and the new deadline is December 31. The due date of furnishing Income Tax Returns for taxpayers whose accounts require to be audited has been extended to January 31, 2021. In view of constraints being faced by taxpayers due to COVID-19,CBDT further extends due …

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