New Delhi: Many times, instead of paying the lump sum, many taxpayers pay the tax in installments through advance payment. The taxpayer can pay the advance tax online or offline. But a deadline is fixed by the Income Tax for this. In such a situation, now the date of the second installment of paying the advance tax is coming closer. 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.

15th September is the last date

The last date for payment of the second installment of advance tax is 15 September 2024. In such a situation, you should pay the tax before this date. Let us tell you that 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 pay advance tax?

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.

Pay online from home

Step 1: To pay advance tax, you first have to visit the Income Tax website www.incometax.gov.in.

Step 2: After this 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 this click on Advance Tax.

step 4: After this 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 paying advance tax

first installment: The deadline for the first instalment of advance tax payment is June 15, by which taxpayers have to deposit at least 15 per cent of their annual tax estimate.

Second Installment: The last date for the second instalment is September 15, in which the taxpayer has to deposit at least 45 per cent of the estimated tax liability.

Third Installment: The last date for depositing the third instalment of advance tax payment has been fixed as December 15, by which the taxpayer is required to pay at least 75 per cent of the tax liability.

Fourth Installment: The deadline for the fourth installment is March 15, by which 100 percent of the tax liability must be paid. Please note that the amount deposited in the first installment will be reduced in the next installment.

Rahul Dev

Cricket Jounralist at Newsdesk

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