I forgot to pay my advance taxes within the prescribed time limit. Hence, I was curious whether can we pay advance tax after due date. I discussed the same with a tax consultant. He informed me that the term "advance tax" refers to income tax that is paid in installments rather than in one large sum at the end of the year. It is the tax you pay as you earn. As specified by the income tax department's due dates, these payments must be made in installments.
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.
Under the CHALLAN NO./ITNS 280 option, select "Proceed."
Input the applicable tax, payment types, payment methods, PAN, assessment year, and other information from the challan.
Make care to double-check all the information you have entered after it has been filled out.
After that, you'll be taken to the bank's website to finish the transaction.
You will receive a tax receipt with the payment information after making the payment on the next screen. On the right side of the challan, you can see the BSR code and challan serial number. This tax receipt should be saved for future use.
The BSR code and challan number must be entered in your tax return.
Before the fiscal year closes, you must pay advance tax in 4 installments on the following dates: 15 June, 15 September, 15 December, and 15 March. If advance tax is not paid in accordance with this schedule, 1% interest will be charged each month.
I hope this clarifies your query about whether can advance tax be paid after due date.
Advance tax payment is made using Challan 280 just like any other regular tax payment. Advance tax payments are advantageous to the government as well as the person or entity making them.
It offers a consistent stream of revenue to the government throughout the year. From the standpoint of the person or organisation, it lessens the year-end stress of paying taxes all at once. If advance tax is not paid, the taxpayer might be subjected to interest charges under income tax law. Therefore, advance tax payments should be paid on time.
I’d like to conclude my answer here about whether can we pay advance tax after due date. I hope this helps:)
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Can I Pay Advance Tax after Due Date?
Riya
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2023-04-27T23:10:43+00:00 2023-04-27T23:27:16+00:00Comment
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