Tax ALERT

 

This is normal yearly Quarterly SOP. Nothing new. But sending this reminder only for ready reference.

We all know that we must pay advance tax before the financial year ends in 4 instalments: 15th June, 15th September, 15th December and 15th March.

This is not applicable if your Tax due is nil, of Tax due is less than the TDS already deducted by your customers etc.

Points to remember

1. Is this on estimate basis ? Yes, make your best estimate .
2. This is 15% of the Annual Tax payable by 15th June for FY 22-23
3. This is not applicable if your Tax due is nil, of Tax due is less than the TDS already deducted by your customers etc.
4. What will happen if you dont pay in time ? Govt will charge a bit of interest… this is approx 1% p.a. ( for a block of 3 months, in 1 go )
5. How ? Online only
6. Site name = either your Bank account will have a link, or
7. Official sites are : https://incometaxindia.gov.in/ and
8. https://incometaxindia.gov.in/Pages/tax-services/pay-tax-online.aspx

Benefits of Paying Advance Tax
1. Avoidance of interest and penalty charges
2. Better cash flow management
3. Avoidance of last-minute rush and stress
4. Avoidance of default notice by the tax department

SO
PLS AVOID LAST DATE. and pay in time, as per normal annual SOP.