The final date for paying advance tax is December 15, and notably, this day falls on a Sunday. If you fail to deposit the advance tax by this date, will you incur a penalty for making the payment the following day, Monday, 16 December? Those individuals required to pay income tax exceeding 10 thousand rupees must submit their advance tax by 15 December.
If you also belong to this group, you ought to be aware if you’ll incur a penalty for depositing advance tax on 16 December rather than 15 December. The Income Tax Department allows large taxpayers to pay income tax in installments; for this, the advance tax installment must be submitted by a specific date each quarter.
The final date for paying advance tax is 15 December
This time, the final date for paying advance tax is 15 December, which falls on a Sunday. Now the question comes up as to whether you need to make the advance tax deposit on 14 December or if you can also do it on 16 December, which is Monday. As per section 208 of the Income Tax Act of 1962, any taxpayer with an anticipated tax obligation of Rs 10,000 or greater is required to pay advance tax. By taking this action, you won’t face any burdens at the conclusion of the financial year.
Can you pay at Monday?
Since December 15, 2024, falls on a Sunday (public holiday), numerous taxpayers might wonder if they can complete this payment on the following business day, December 16? Yes, you can pay the advance tax on December 16, 2024, without incurring any penal interest. The circular indicates that if the final day for depositing the advance tax coincides with a public holiday, the following working day will be considered the last day.