Advance Tax due date 15 SEP 2023: 2nd Installment for Advance Tax Submission
The deadline for paying advance tax is September 15, 2023. Taxpayers are now consulting Chartered Accountants (CAs) to assess their tax obligations.
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Advance Tax due date 15 SEP 2023: 2nd Installment for Advance Tax Submission
In a recent effort to address taxpayers who have not paid their advance taxes, the tax department has been sending notices and appears to be taking very strict measures against them.
The keynote here is that the income tax department will impose a substantial penalty on all defaulters if they fail to pay their taxes promptly.
The deadline for paying advance tax is September 15, 2023. Taxpayers are now consulting Chartered Accountants (CAs) to assess their tax obligations.
This scheme applies to taxes exceeding 10 thousand. If a taxpayer misses the deadline, they may face a substantial penalty.
Exemptions for Senior Citizens
This marks the second installment of advance tax for taxpayers. Senior citizens without business income are exempt from paying advance tax.
When is Advance Tax Due?
Taxpayers need to submit advance tax in four installments: 15% by June 15, 45% by September 15, 75% by December 15, and the full 100% by March 15. You can pay this tax electronically through authorized banks' net banking facilities.
Advance Tax Payment |
Due Dates |
Installment |
15% of Advance Tax |
On or Before 15th June |
1st Installment |
45% of advance tax less advance tax already paid |
On or Before 15th September |
2nd Installment |
75% of advance tax less advance tax already paid |
On or Before 15th December |
3rd Installment |
100% of advance tax less advance tax already paid |
On or Before 15th March |
4th Installment |
If you miss the deadline, penalties will apply under sections 234B and 234C of the income tax law.
Also Read: Big news for UPI payers: NPCI Unveils 'Hello UPI' at Global Fintech Fest
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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.