Advance Tax Last Day: If tax payers have not deposited advance tax till now, then do it in any case. The last date for submission of advance tax installments for the financial year 2020-21 (Financial year 2021-22) is 15 March 2022.
Advance Tax Last Day: There is important news for tax payers. If you haven’t deposited advance tax yet, do it soon. The last date for submission of advance tax instalments for the financial year 2021-22 is 15 March 2022. If you miss, you will have to pay the installment every month with one percent interest.
Advance tax is to be deposited in four installments
Taxpayers have to deposit advance tax on earnings in four installments in a year. This will be the last installment of four installments. As per the tax law, taxpayers have to pay estimated tax annually in installments of 15%, 45%, 75% and 100%. These four installments have to be paid by June 15, by September 15, by December 15 and by March 15.
For whom it is necessary to pay advance tax
Any person whose estimated tax liability is Rs 10,000 or more in a financial year, then he has to pay advance tax. This applies to all taxpayers. One thing to note is that a person whose source of income is no other than salary. So he does not need to pay advance tax in installments. Because his company deducts this tax from the employee’s salary and submits it to the tax department.
What happens if I miss to pay advance tax?Â
If a taxpayer fails to deposit his advance tax by the stipulated time, he is liable to pay interest under section 234C at 1% per month on the amount to be paid in installments for three months.
Pay advance tax like thisÂ
You can pay advance tax both offline and online. To pay it offline, one can use the Tax Payment Challan (Challan No. 280) at the bank branches authorized by the Income Tax Department.
At the same time, to make online payment, log on to the Income Tax Department website www.incometaxindia.gov.in and click on E-pay taxes. You will then be directed to the National Securities Depository Limited (NSDL) website. Click on Challan No. 280, fill the required details and make the payment.
Tax on earnings from dividend taxÂ
Let us tell you that the income earned from the dividend of a person is also taxed. This tax will be applicable on the basis of your income tax slab. Let us tell you that if your dividend income in any financial year exceeds Rs 5000, then TDS will be levied on you. For such people, the last date for paying advance tax is March 15, forgetting which you can lose.
