The Income Tax department has announced that the last instalment of advance tax for financial year 2024-25 is due by March 15, 2025. This means only four days are left for this (including today).
The tax department has said that paying on time not only upholds your compliance with tax regulations but also strengthens the ‘Viksit Bharat Movement’ which further contributes to India’s vision of self-reliance and prosperity, said the income tax department in a post on social media.
March 15 also happens to be the due date for payment of whole amount of advance tax in respect of assessment year 2025-26 for assessee covered under presumptive scheme of section 44AD / 44ADA
Other deadlines
Additionally, March 15 is the due date for furnishing Form 24G by an office of the Government where TDS/TCS for the month of February, 2025 has been paid without the production of a Challan.
Those who want to update their income tax return for any of the past years must remember that March 31 is the deadline for furnishing an updated return of income for the Assessment Year 2022-23.
Advance tax
It is a tax payable by individuals on income sources beyond their regular salary, including earnings from rent, capital gains, lottery earnings, fixed deposits and more. Payments can be done online using e-filing portal.
The first installment i.e. 15 percent of the total amount should be paid by 15th June. The payment of second Installment or 45 percent of the tax should be made by 15th of September. The third installment of the 75 percent of the advance tax should be cleared by 15th December. The remaining amount or 100 percent of the tax should be paid on or before 15th March.
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