⬛ 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 installments 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, 75% of the estimated tax liability for the financial year (FY 2024-25) shall be deposited by December 15, 2024.
⬛ Additional interest of 1% per month shall be levied (section 234C) on the net tax liability on delay in payment and another 1% per month (section 234B) for non-payment of advance 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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