Income Tax alert: Not paid Advance Tax? Do it fast – Here’s why

• March 12, 2023
• CA Chandan Agarwal's Office

Advance tax payment FY 2022-23: The Income Tax Department has appealed to taxpayers to pay their last instalment of advance tax for FY 2022-23 before the due date

Advance Tax Payment Last Date FY 2022-23: The Income Tax Department has appealed to taxpayers to pay their last instalment of advance tax for FY 2022-23 before the due date. According to the Income Tax Department, taxpayers can pay their fourth and final instalment of advance tax by 15th March.

“Attention Taxpayers! The last date for payment of the last instalment of Advance Tax is almost here! Do remember to pay your fourth & final instalment of Advance Tax by 15th March 2023,” the Income Tax Department tweeted.

Who is required to pay advance tax?

All assessees, including salaried employees, are required to pay advance tax if their tax liability for the financial year as reduced by tax deducted/collected at source is Rs 10,000 or more. This means, if your tax liability for this current financial year after deducting TDS/TCS is Rs 10,000 or more, you will have to pay the advance tax.

However, senior citizen taxpayers, who do not have any income from business or profession, are not liable to pay advance tax.

Where to pay advance tax?

Eligible taxpayers can pay their advance tax online. The Income Tax Department says, “e-Payment is mandatory for all corporates as also those assessees whose accounts are required to be audited u/s 44AB of the Income Tax Act, 1961. e-Payment is convenient for other taxpayers also as it ensures correct credit.”

Meanwhile, the Income Tax Return (ITR) filing for Assessment Year 2023-24 will start early this year with effect from April 1, 2023. The Central Board of Direct Taxes (CBDT) recently issued revised ITR filing forms with minor changes in order to enable taxpayers to file their ITRs early.

The last date to file ITR for income earned in FY 2022-23 will be July 31, 2023. According to data on Income Tax e-filing website, over 7.5 crore ITRs were filed of which more than 7.24 crore returns have been verified while 7.04 verified returns have been processed as of March 3, 2023.

Source: https://www.financialexpress.com/money/income-tax/income-tax-alert-not-paid-advance-tax-do-it-fast-heres-why/3005999/