Penalty for Non-Payment of Advance Tax Failure to pay advance tax results in interest penalties under Sections 234B and 234C of the Income Tax Act: Section 234B: Interest at 1% per month if at least 90% of total tax liability is not paid before the financial year ends. Section 234C: Interest at 1% per month if advance tax is not paid as per the specified installment schedule. Conclusion Advance tax is a crucial compliance requirement for individuals and businesses with taxable income ... Learn about e-Pay Tax services for easy online tax payments and managing your income tax obligations effectively. Advance tax payment is a system where taxpayers pay their tax dues before the financial year ends. Learn how to pay it online, key due dates, and how the amount is calculated. Advance Tax Payment Guide for FY 2024-25 Advance Tax Payment Guide for FY 2024-25 Advance tax is a crucial compliance requirement for taxpayers whose total tax liability exceeds ₹10,000 in a financial year. Timely payment is essential to avoid penalties and ensure smooth financial planning. This guide will help you understand the due dates, calculation method, and other important aspects of advance tax for FY 2024-25. What is Advance Tax ? Advance tax , also known as ‘pay-as-you-earn ...
