Advance Tax – Final Installment Due on 15th Mar 2023

Schedule for payment of Advance tax

As you are aware we are coming to the close of the Financial Year 2022-23 (AY 2023-24) and as per provisions of Income-tax Act, 1961, every assessee whose tax liability in a year exceeds Rs. 10000/- , shall pay Advance Tax as per the schedule mentioned below : –

Installment NoDue DateAdvance Tax Payable As a % of Tax Liability
115th Jun15%
215th Sep45%
315th Dec75%
415th Mar100%

The following are the advantages of paying Advance tax in respective installments :-

  • Reduction / Avoidance of Payment of Penal Interest u/s. 234 B
  • Reduction / Avoidance of Payment of penal Interest u/s. 234 C
  • Saving huge cash outflow in the form of Self Assessment Tax at the time of filing Return of Income since the taxes are paid in advance in installments.

You can Pay Advance tax in 15th March 2023 installments in the following scenarios also :-

      (i)  If you have missed the payment of previous Installments of Advance tax ; or

      (ii) If you have paid Advance Tax lesser than the amount of Tax ought to have been paid in

the respective installments ; or

      (iii) Your Income has exceeded the limits in the last quarter of the year.

For your convenience we provide below a link for Calculation of Advance tax payable by providing necessary income tax details :-

You can click the link above and calculate the advance tax payable and act accordingly.

The procedure for Payment of Advance tax is provided in the below link

Click here to send an enquity to us

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