Final Day to Deposit Advance Tax: If you have not yet deposited the advance tax for the financial year 2020-21 (The financial year 2021-22), do it immediately since the last day to deposit the advance tax for the financial year 2020-21 (The financial year 2021-22) is today, March 15, 2022.
Advance Tax Deadline: Taxpayers should be aware of some extremely significant news. If you have not yet deposited advance tax, please do so as soon as possible. In fact, the deadline to deposit the advance tax for the fiscal year 2021-22 is today. If you don’t pay today, you’ll have to pay the monthly installment plus 1% interest.
In four installments, the advance tax is due.
Advance tax on earnings must be paid in four installments over the course of the year. This is the fourth and final installment of a four-part series. Taxpayers are required by law to pay anticipated tax in payments of 15%, 45 percent, 75 percent, and 100 percent each year. These four payments must be made by June 15, September 15, December 15, and March 15, respectively.
Who is responsible for paying the advance tax?
Anyone who expects to owe more than Rs 10,000 in taxes in a fiscal year must pay advance tax. This is true for everyone who pays taxes. One thing to keep in mind is a person whose sole source of income is wage. As a result, he won’t have to pay payments on his advance tax. Because his employer deducts the tax from the employee’s compensation and submits it to the IRS.
What if I fail to pay the advance tax?
If a taxpayer fails to deposit his advance tax by the deadline, he will be charged interest at the rate of 1% per month on the amount due in three installments under section 234C.
Paying tax in advance is a good idea.
Taxes can be paid in advance both in-person and online. The Tax Payment Challan (Challan No. 280) can be used to pay it offline at Income Tax Department-authorized bank branches. Log on to the Income Tax Department’s website, www.incometaxindia.gov.in, and click on E-pay taxes to make an online payment. You will then be routed to the National Securities Depository Limited’s website (NSDL). To make a payment, go to Challan No. 280, fill out the form, and submit it.
Dividend tax is a tax on earnings.
Let us remind you that dividend income is also subject to taxation. This tax will be imposed according to your tax bracket. Let us remind you that if your dividend income exceeds Rs 5000 in any financial year, you will be subject to TDS. The deadline for paying advance tax for such people is March 15, after which you will be penalized.
