Advance Tax: Today is the last date for depositing advance tax, complete your work with this easy process

Advance Tax Deadline: Every person doing a job has to deposit a part of his salary as tax. In such a situation, if you want to make your Advance Tax Payment for the financial year 2022-23, then settle this work today itself. According to the information given by the Income Tax Department, the last date for filling the fourth instalment of advance tax has been fixed as March 15, 2023. Explain that those whose tax liability is more than Rs 10,000 in a financial year can pay advance tax. This tax is paid in a total of four instalments, the date of which is fixed by the Income Tax Department.

The Income Tax Department gave information by tweeting-
Sharing information about this on its official Twitter handle, the Income Tax Department has told that people paying Advance Tax Payment Deadline should pay attention! You have time till March 15, 2023, to deposit the last instalment of advance tax. If you have not done this work yet, do it as soon as possible.

How to pay advance tax online-
If you have not yet deposited the advance tax, then by following some easy steps, you can easily settle this task.
For this, visit the official website of Taxpayers Income Tax www.tin-nsdl.com.
Next, click on the section of Services and click on Pay Online Tax.
After this, you should choose the correct challan for advance tax payment.
After this, you will have to fill in information like financial year, assessment year, address, mobile number etc. Email information will also have to be entered in this.
Then cross-check all the details and then you will be redirected to the net banking page.
Then make the advance payment you want to make immediately. After this, you will get the receipt of the tax payment.
This will certify that your advance tax payment has been made.
The advance payment can also be done offline
It is worth noting that apart from online taxpayers can also make tax payments offline. For this, you have to first go to the bank and fill out challan 280 for advance tax.
After this, you will have to enter information like assessment year, address etc.
After this, you will have to deposit cash or check (how much amount to be deposited) at the counter of bank.
After depositing the money, the bank will give you a receipt from which your advance tax will be deposited.

What will happen if advance tax is not paid?
If your tax liability is more than Rs 10,000 then you are required to deposit advance tax. If a person defaults by doing so, then he will have to pay interest at the rate of 3% on the first three instalments and 1% on the last instalment on the total advance tax amount. This penalty is charged under sections 23B and 24C of Income Tax. On the other hand, if you have deposited more advance tax than your liability, then in such a situation the Income Tax Department will refund your tax amount. To get this refund, you fill out Form 30 and submit it. The amount will be returned to your account.