When to Pay Income Tax?

Wondering

when should income tax be paid? Here are the key timelines for the same.

When Should Income Tax be Paid?

1. 15th June: 15% of advance tax liability should be paid.

2. 15th September: 45% of advance tax liability should be paid.

3. 15th December: 75% of advance tax liability should be paid.

4. 15th March: 100% of advance tax liability should be paid.

• For individuals: The due date for filing the income tax return for individuals is usually 31st July of the assessment year. However, the due date may vary depending on any extensions provided by the Income Tax Department.

• For companies: The due date for filing the income tax return for companies is usually 30th September of the assessment year. Again, this may vary based on any extensions.

After the end of the financial year, individuals and entities need to calculate their total tax liability for the year and compare it with the TDS deducted and any advance tax paid. If there is any shortfall, it needs to be paid as self-assessment tax at the time of filing the income tax return.

Failure to pay advance tax or self-assessment tax on time may attract interest under sections 234B and 234C of the Income Tax Act, respectively.

The due dates mentioned above are subject to any extensions provided by the Income Tax Department. Taxpayers should keep themselves updated with any changes in due dates through official announcements or notifications.

Income tax payments, including advance tax and self-assessment tax, can be made electronically through the Income Tax Department's e-filing portal or authorized bank branches.

I hope this helps you with when we need to pay income tax

.

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Worrying

when to pay income tax

. Let me tell you. Income tax is typically paid in advance through a system of tax deductions at the source (TDS) and through quarterly installments of advance tax.

When We Have to Pay Income Tax?

• If the total tax liability exceeds ₹10,000 in a financial year after considering TDS, individuals are required to pay advance tax. Here are the key dates for paying income tax:

• For salaried individuals and taxpayers who receive income subject to TDS, taxes are deducted at the source by the payer (employer, bank, etc.) at the time of crediting income to the recipient's account.

• The TDS deducted is then deposited with the government by the deductor on specified due dates, usually monthly.

When I Have to Pay Income Tax Advance?

For individuals and entities not covered under TDS provisions, advance tax payments need to be made in installments throughout the financial year. The due dates for payment of advance tax are as follows:

• On or before June 15: 15% of the advance tax liability.

• On or before September 15: 45% of the advance tax liability.

• On or before December 15: 75% of the advance tax liability.

• On or before March 15: 100% of the advance tax liability.

If any tax liability remains after considering TDS and advance tax payments, individuals are required to pay the balance tax as self-assessment tax before filing their income tax return. This is typically done before the due date for filing the return.

The due date for filing income tax returns for individuals (non-audit cases) is usually July 31 of the assessment year. However, the government may extend this deadline in certain cases.

Your query for when to pay income tax

should be clear.

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