Taxpayers in India, take note! The due date for the third instalment of advance tax payments for the Assessment Year (AY) 2025-26 is fast approaching. As per the Income Tax Act, taxpayers liable to pay advance tax must ensure that 75% of their total tax liability is cleared by December 15, 2024. This instalment is crucial to avoid penalties and interest under Sections 234B and 234C of the Income Tax Act.
Failing to pay the required advance tax by the stipulated deadlines can lead to:
- Interest Penalty: Interest under Sections 234B (for underpayment) and 234C (for deferred payment) is charged.
- Tax Notices: Non-compliance can invite scrutiny and further action from the Income Tax Department.
How to Make Your Advance Tax Payment
Follow these steps to pay your advance tax:
- Log in to the Income Tax e-filing portal at incometax.gov.in.
- Navigate to the e-Pay Tax option and select the appropriate challan (Challan No./ITNS 280).
- Calculate your liability based on your estimated total income for FY 2024-25.
- Pay the tax online using net banking, debit cards, or UPI. Ensure you enter the correct assessment year (2025-26).
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