Income Tax Filing and Advance Tax Payment for FY 2023-2024

The Income Tax Department of India is reaching out to taxpayers who have conducted significant financial transactions during the financial year (FY) 2023-24 (Assessment Year 2024-25). Through an e-campaign, they are urging these individuals and entities to accurately calculate and pay their advance tax liability by the due date of March 15, 2024. Call us @8089720250 to know more!

Benefits of Early Advance Tax Payment

• Avoid Interest Penalty: Paying advance tax throughout the year prevents late payment penalties and interest charges.

• Organized Finances: Distributing your tax burden across installments makes financial planning easier.

• Peace of Mind: Settling your tax dues early ensures you're compliant and avoids last-minute hassles.

Steps Involved in Advance Tax Payment

1. Calculate Your Tax Liability: Estimate your total income for FY 2023-24 and deduct allowable deductions and exemptions. Use online tax calculators or consult a tax advisor for assistance.

2. Choose Your Tax Regime: Decide whether to opt for the new or old tax regime. The new regime offers lower tax rates but comes with fewer deductions.

3. Pay Your Advance Tax: You can make online payments through the Income Tax Department e-filing portal or designated banks.

Pre-requisites for Advance Tax Payment

• PAN Card (Permanent Account Number)

• Active Bank Account

Deliverables After Advance Tax Payment

• Challan (payment receipt) generated electronically or obtained from the bank.

• Update your Income Tax e-filing account with the advance tax payment details.

Frequently Asked Questions (FAQs)

• What are considered significant financial transactions? The Income Tax Department hasn't released an exhaustive list, but transactions like high-value investments, property /vehicle purchases, or large cash deposits could be considered significant.

• Who is exempt from advance tax payment? Senior citizens above 60 years old with no business income and individuals with a total tax liability below Rs. 10,000 are exempt.

• Can I revise my advance tax payments? Yes, you can recalculate your estimated income throughout the year and adjust your advance tax payments accordingly.

Related Services

• Income Tax Return Filing

• Tax Planning and Consultation

• TDS (Tax Deducted at Source) Correction

Remember: This information is for general guidance only. It's advisable to consult with a qualified tax professional for personalized advice based on your specific circumstances. Call us @8089720250 to know more!