In a recent crackdown on taxpayers for not paying their advance taxes, the tax department had been issuing notices to the defaulting taxpayers and also seeming to take strict actions against them. The major point strike here is that the income tax department will be levying a hefty penalty on all the defaulters in case they don’t pay the taxes on time.
The due date for the deposition of advance tax is 15th June 2024 and the taxpayers are now seeking CA help to check out their tax liability on them. The taxes above 10 thousand are covered under this scheme and if in case the taxpayer misses the deadline, he may have to shell out the hefty penalty on the missing deadline.
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Exemptions for Senior Citizens
It would be the 1st Instalment of advance tax for the taxpayers. For senior citizens who don’t have any business income, there is an exemption in advance tax.
When is Advance Tax Submitted?
The taxpayers are expected to deposit the advance tax in 4 instalments, the timeline states 15th June for 15%, 15 September for 45% of the advance tax, and 75% by 15 December while 100% of the advance tax is to be deposited till 15 March. The tax can be paid through the e-payment method via a net banking facility in the authorized banks.
In case the tax is not paid on time, the penalty will be charged under sections 234B and 234C of income tax.
Read Also: Penalties for Late Income Tax Return Filing in India
