⏰ *Last Call for Advance Tax Payment! Act Now!* ⏰

⚠️ Today’s the deadline for the third installment of Advance Tax payment – Dec 15, 2023!

⚠️ What is Advance Tax?
– Payment made in the same year as the earned income.
– ‘Pay as you earn’ concept.

⚠️ Who Pays Advance Tax?
– If tax liability exceeds Rs 10,000 after TDS deduction.
– Liability paid in the same financial year.

⚠️ Who is Exempt?
– Resident senior citizens without business income.
– Those under presumptive taxation scheme (section 44AD or section 44ADA).

⚠️ Advance Tax Due Dates:
– June 15: 15% of advance tax
– Sept 15: 45% (- taxes paid)
– Dec 15: 75% (- taxes paid)
– Mar 15: 100% (- taxes paid)

⚠️ Capital Gains and Casual Income:
– Tax applicable on total income, including capital gains.
– Tax on such income paid in remaining installments if received after due dates.

⚠️ Assessee-in-Default:
– Default if advance tax not paid on time.
– Failure to file intimation in Form 28A before due date.

⚠️ Choosing the Right Assessment Year:
– Pay attention to details in challan.
– Select correct head of payment, tax amount, and method.
– Choose the correct Assessment Year (AY) – 2024–25 for the fiscal year 2023–2024.

⚠️ Calculating Advance Tax:
– Estimate current year income.
– Deduct TDS/TCS for the current year.
– Determine Advance Tax liability.

⚠️ Interest on Late Payment/Non-Payment:
– Sec 234B: 1% interest if 90% of tax not paid by fiscal year-end.
– Sec 234C: Gradual interest on each installment if not paid on time.