Last Call for Advance Tax: Only 2 Days Left to Pay Final Instalment

With just two days left for the March 15 deadline, taxpayers are in a hurry to pay the final instalment of advance tax for FY 2024-25. The final instalment is essential to escape interest charges on tax underpayment.

Important reminders:

Applicable to taxpayers with tax liability of over ₹10,000 in a financial year

The final instalment must be for 100% of the estimated tax liability

Late payment may lead to interest charges under Section 234C of the Income Tax Act

Experts in taxation recommend scrupulous calculation of total income and tax liability to make proper payments and avoid future inconvenience with the tax authorities.

Source: Income Tax Department notification, Financial Express