Today is last date for payment of Advance Income Tax for the Financial Year 2015-16 or Assessment Year 2016-17 as 2nd Installment for Non-Company cases for 3rd Installment for Company cases.
This payment is too much important or necessary for those who are earning their Income with their own sources or who are not availing loan facility from any Financial Institute. In the other word they are doing their business with their own funds and do not pay Interest on Loan to any financial institutions / Banks etc.
In case the above installment is not paid in time, the assessee has to pay penalty of income tax in the shape of Interest under section 234C or 234B
Click on below picture to deposit Advance Tax etc.
Interest on Late payment of Advance Tax :
Interest u/s 234C or 234B is liable on late payment of Advance Income Tax :-
1. Interest u/s 234C - Interest @ 1% per month is payable if the tax is not deposit in time.
2. Interest under section 234B- Interest @ 1% is payable if 90% of the tax is not deposit before the end of the financial year i.e. for Default in Payment of Advance Tax
How to deposit Advance Tax :-
There is two mode of payments for deposit Advance Tax.
1. Manual Challan.
2. e-Payment or Online Payment through Challan No 280. Click Here for e-Payment
Online payment is best method to deposit Advance Tax and it is easy or hassle free. No need to visit Bank again and again.