Patna. Advance tax needs to be filed by March 15, so do not wait. There are solely two days left in March 15. If defaulted, curiosity must be paid below Section 234B and 234C of Earnings Tax. There are two days left in March 15. Senior chartered accountant Rajesh Khaitan mentioned that it’s obligatory to pay the final installment by March 15. Advance tax is important for businessmen and professionals when the tax legal responsibility in a monetary 12 months is greater than Rs 10,000.
Why advance tax is important
Chartered Accountant Khaitan mentioned that advance tax is important for a salaried individual when he has earnings from different sources, whose data has not been given to the employer, on account of which TDS has not been deducted by the employer. Though senior residents are exempted from advance tax, that is provided that they don’t have any earnings from enterprise or occupation.
Curiosity must be paid if not deposited until March 15
Rajesh Khaitan mentioned that advance tax needs to be paid in 4 installments throughout a monetary 12 months, during which the primary installment needs to be paid by June 15, the second by September 15, the third by December 15 and the fourth i.e. the final installment by March 15. Within the first instalment, it’s important to pay 15% of the full tax. Within the second instalment, it’s important to pay as much as 45 per cent of the full tax. Within the third instalment, as much as 75 per cent of the full tax needs to be paid. It’s a must to pay 100% tax within the final instalment. If advance tax shouldn’t be deposited on time, then curiosity must be paid on the quick paid quantity below part 234B and 234C of Earnings Tax.
Necessary data for inventory market traders, do that work by March 31, in any other case the Demat account might be closed
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