03/03/2025
📢 4th Installment of Advance Tax Due on 15th March 2025
The final installment of Advance Tax for Financial Year 2024-25 is due on 15th March 2025. Ensure timely payment to avoid penalties and interest charges.
💡 What is Advance Tax?
Advance Tax refers to the income tax paid in installments during the financial year, rather than as a lump sum at the end. It applies if your total tax liability exceeds ₹10,000 in a year.
✅ Who Needs to Pay?
✔️ Salaried individuals with additional income (rent, capital gains, business, etc.)
✔️ Self-employed professionals and business owners
✔️ Companies and freelancers with taxable income
⚠️ Consequences of Missing the Deadline
🚨 Interest Penalties:
Interest under Section 234B (1% per month) if Advance Tax is not paid on time.
Interest under Section 234C (1% per month) for short payment of tax in installments.
🚨 Notice from the Income Tax Department:
Non-payment or short payment may attract scrutiny and legal notices.
🚨 Cash Flow Impact:
A lump-sum tax burden at year-end instead of smaller, planned payments.
📌 Benefits of Paying Advance Tax on Time
✔️ Avoid penalties & legal hassles
✔️ Better financial planning
✔️ Compliance with tax regulations
Need help with tax calculations and payments? N R Gugale & Co. is here to assist!
📍 Address: Plot No. 5, Near Punya Nagari Office, Next to Sarthak Bhagwandas, Market Yard, Ahilyanagar – 414001
📞 Contact:
CA. Nitesh R. Gugale – 9423791885 / 9209200100
CA. Rachana N. Gugale – 9730706806 / 7972458452
🌐 Website: canrgugale.com
📧 Email: [email protected]
🔹 Stay compliant, avoid penalties, and plan your taxes wisely!
