For the convenience of taxpayers, the Income Tax Department has made the option of paying advance tax available. If you choose to or are required to pay your taxes in advance.

Consequently, you can benefit greatly from this news. You must deposit advance tax four times throughout a fiscal year in accordance with Income Tax Department regulations.

15 days before the end of each quarter of the year, it must be filled out. The final day to pay the third-quarter advance tax for the current fiscal year is just three days away.

The deadline is December 15th.

Let us inform you that taxpayers who owe a total of more than Rs 10,000 in taxes within a fiscal year are required to pay advance tax. Because of this, tax is collected from it in instalments rather than placing a one-time burden of tax liability on the taxpayers.

For this, the taxpayer must determine his or her own tax burden for the applicable fiscal year, divide it into four equal payments, and make each payment on time.

The third quarter instalment for the current fiscal year must be paid by December 15th.

Every year, 4 instalments are deposited.

The taxpayer must determine his own tax due and make four advance tax payments during the full financial year. One type of advance payment is advance tax. Its first payment (for the April-June quarter) must be received by June 15th.

Before 15 September, the second instalment (for the July-September quarter), the third instalment (for the October-December quarter), and the fourth instalment (for the January-March quarter) must all be paid.

After the deadline, there will be a loss.

You will need to pay your dues by December 15, 2022, if you are required to pay advance tax. The Income Tax Department will also impose a penalty on you if you fail to submit your advance tax by the deadline.

If you don’t pay your advance tax on time, you’ll be subject to section 234-B and 234-C interest payments. Every month, this interest will be equal to 1% of the balance due.

If you pay your taxes in advance every three months, you won’t have to pay interest for three months; if not, you will. If you miss the deadline of December 15th, you will have to pay interest for the following three months upfront.

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