The last date for payment of the second installment of Advance Tax is 15 September 2024. In such a situation, you should make the tax payment before this date. Please note that advance tax should be paid in four installments.
New Delhi: Many times many taxpayers pay tax in installments through advance payment instead of paying it in lump sum. The taxpayer can make advance tax payment online or offline. But for this a deadline is set by the Income Tax. In such a situation, now the date of the second installment of making advance tax payment is approaching. On the date of advance tax payment fixed by the Income Tax Department, taxpayers have to deposit about 45 percent of their estimated annual tax.
September 15 is the last date
The last date for payment of the second installment of advance tax is September 15, 2024. In such a situation, you should make tax payment before this date. Let us tell you that advance tax or advance tax should be paid in four installments, the last date of which is the 15th of the last month of each quarter.
Who should make advance tax payment?
Let us tell you that according to Section 208 of the Income Tax Act 1962, every taxpayer having estimated tax liability of Rs 10,000 or more should pay his tax only under advance tax.
Make online payment from home
Step 1: To pay advance tax, you must first visit the income tax website www.incometax.gov.in.
Step 2: After that click on e-pay tax, enter PAN, mobile number and click on continue. You will get an OTP on the registered mobile number.
Step 3: After that click on advance tax.
Step 4: After that select the assessment year, and select advance tax.
Step 5: Enter the tax amount and click on continue. Select the payment option and click on continue.
Step 6: Click on Pay Now to make the payment.
These are the deadlines for advance tax payment
1st installment: The deadline for the first installment of advance tax payment is 15 June, in which the taxpayer has to deposit at least 15 percent of his annual tax estimate.
2nd installment: The last date for the second installment is 15 September, in which the taxpayer has to deposit at least 45 percent of the estimated tax liability.
3rd installment: The last date for depositing the third installment of advance tax payment has been fixed as 15 December, in which the taxpayer is required to pay at least 75 percent of the tax liability.
4th installment: The deadline for the fourth installment is 15 March, in which 100 percent of the tax liability has to be paid. Please note that the amount deposited in the first installment will be reduced in the next installment.
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