DEPOSIT ADVANCE INCOME TAX BY SEPTEMBER 15 TO AVOID INTEREST IMPLICATIONS ๐
โฌ Every individual/company/firm/HUF whose net tax liability on the estimated income exceeds INR 10000 for the financial year shall be required to deposit advance tax.
โฌ The deposit of tax shall be in four instalments on the estimated net tax liability (after reducing taxes deposited/deducted/collected) which is calculated on the estimated income (after reducing deductions available under sec. 80C, 80D, etc.)
โฌ As per the Act, 45% of the estimated tax liability of the financial year shall be deposited by September 15.
โฌ Additional interest of 1% per month shall be levied under section 234C on the net tax liability on delay in payment of the tax.
โฌ For resident senior citizens not having income from business & profession, advance tax shall not be applicable.
โฌ Deposit advance tax timely not only to avoid interest implications, but also to become a responsible citizen of the country. ๐ฎ๐ณ
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