Advance Tax Deadline March 15: Who Must Pay?

Quick Summary

• Taxpayers with a tax liability above Rs 10,000 must pay advance tax. Salaried individuals do not need to pay if the correct TDS is deducted by employers.
• Advance tax payment deadlines are set quarterly: June 15 (15%), September 15 (45%), December 15 (75%), and March 15 (100%).
• Correct declaration of income and deductions to employers is crucial for accurate TDS deductions.
• Switching jobs requires declaring previous income to the new employer for proper TDS calculation.Failure may lead to additional taxes and interest under Sections 234B and 234C.
• Some incomes like capital gains or lottery winnings can be paid as advance tax without penal interest in the next quarter.

Indian Opinion analysis

the requirement for salaried individuals to accurately declare their full income details ensures proper compliance with tax obligations, minimizing penalties.The challenge arises when switching jobs or having additional streams of income, underscoring the importance of financial clarity between employees and their employers. It highlights a broader need for awareness among taxpayers regarding their responsibilities in managing advance taxes effectively. This system aims to streamline real-time collection while reducing end-of-year burdens,contributing positively towards efficient government revenue management.

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