DEPOSIT ADVANCE INCOME TAX BY SEPTEMBER 15 TO AVOID INTEREST IMPLICATIONS 📆
⬛ 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.
⬛ 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.)
⬛ As per the Act, 45% of the estimated tax liability of the financial year shall be deposited by September 15.
⬛ Additional interest of 1% per month shall be levied under section 234C on the net tax liability on delay in payment of the tax.
⬛ For resident senior citizens not having income from business & profession, advance tax shall not be applicable.
⬛ Deposit advance tax timely not only to avoid interest implications, but also to become a responsible citizen of the country. 🇮🇳
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