Only 3 days left to pay advance tax, if you miss it there will be penalty

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- The Income Tax Department has made many provisions to simplify the tax system

- Paying advance tax on time has many advantages

New Delhi, 12 December 2022, Monday

The Income Tax Department has made several provisions to simplify the tax system and facilitate the taxpayers. One of these is advance tax payment. Which is easy for the taxpayer as well as the Income Tax Department. Tax payers pay advance tax four times in a financial year and it has to be paid 15 days before the end of each quarter. Only 3 days are left for the last date to file advance tax for the third quarter of the current financial year. Actually, the advance tax has to be paid by the taxpayers. Whose total tax liability in a financial year is Rs. More than 10,000. It aims to levy tax in installments instead of imposing a lump sum burden of tax liability on taxpayers. For this, the taxpayer himself has to calculate his tax liability in the relevant financial year and divide it into four equal parts and pay it every quarter. The installment for the third quarter of the current financial year should be paid by 15th December.

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