What is Advance Tax ? Due Date for Advance Tax Payment is 15th March 2024
The income tax return (ITR) filing season often brings stress for many taxpayers, owing to the substantial time and effort needed to gather all the necessary information, arrange it systematically, and subsequently complete the return form and the burden of huge tax liabilities to be paid. However, an effective strategy can help alleviate some of this burden - advance tax payment online. Advance tax is a method of tax collection that allows taxpayers to pay their tax liabilities in installments throughout the financial year rather than in a single lump sum payment. This approach eases the financial strain and simplifies the ITR filing process. Let us read more below. The due date for the fourth and last installment of advance tax( FY 2023-24) is 15th March 2024. What is Advance Tax? Advance tax, also known as "pay as you earn" tax, is a system where taxpayers make prepayments of their income tax throughout the financial year instead of paying a lump sum at year-end. I...