Advance Tax Last Date Today: Today is the last date to pay advance tax. 15 September 2023 is the last date for depositing advance tax. You can pay advance tax both online and offline. Advance tax is paid in four installments on or before the 15th of the last month of every quarter.
pay advance tax
Advance tax is a tax which is paid during the financial year instead of at the end of the year. Tax laws tell when it has to be given throughout the year. Advance tax is paid in installments in a fiscal year. Advance tax is also called pay as you earn.
Penalty is imposed for not paying advance tax
In case of not depositing advance tax on time, penalty can be imposed on tax under sections 23B and 234C of the Income Tax Act. If the taxpayer does not deposit the entire amount of advance tax or the advance tax paid is less than 90 per cent of the total advance tax liability, interest is charged under section 234B. If the installment of advance tax paid is less than the prescribed percentage, then interest under Section 234C is charged at 1% or part of the month every month from April till the date of tax payment.
How to pay advance tax
1. Log in to the official website of Income Tax Department www.incometax.gov.in and click on e-payment service.
2. Select ITNS 280 form. This is an option for individual tax payment.
3. Select the code for advance tax and fill the name, address, PAN, mobile number and other information in the form.
4. Click on Proceed.
5. Make payment on the payment gateway page.
6. After payment, Challan 280 receipt will be generated.
7. Save a copy for future.
