Second Quarter Advance Tax Payment Due on or before 15th September 2023

?? Understanding Advance Tax ??

Advance tax is a prepayment system where taxpayers contribute a portion of their tax liability before the year-end. This payment is based on an estimated calculation.

?? Why is it Required? ??

According to Section 208 of the Income Tax Act 1961, if your estimated tax liability for the year is Rs. 10,000 or more, you must pay your tax in advance as "advance tax" by specific due dates.

?? Exception for Seniors ??

Resident senior citizens aged 60 and above with no business or profession income are exempt from advance tax payments (Section 207).

?? Tax Calculation Simplified ??

Taxpayers following Sections 44AD and 44ADA need only make one advance tax payment on March 15th of each Financial Year.

?? Second Quarter Deadline: 15th September 2023 ??

Don't forget! The second quarter advance tax payment, up to 45% of your estimated liability, is due on or before 15th September 2023. Timely payment avoids interest charges under the Income Tax Act 1961.

?? Take Action Now ??

Evaluate your income/profits, calculate the advance tax amount, and ensure a smooth transaction. If you need assistance, we're here to help. Contact us anytime.

Stay tax-wise and compliant! ????