Pay your advance tax latest by March 15: CBDT
New Delhi, Mar 13 (KNN) The Central Board of Direct Taxes (CBDT) has been issuing an advisory asking the taxpayers to pay the fourth and last installment of advance tax for financial year (FY) 2018-19 by March 15, 2019.
Under the Income Tax Act, any assessee, including salaried employee, whose tax liability for the financial year as reduced by the tax deducted/ collected at source is Rs 10,000/- or more is liable to pay tax.
However, resident senior citizen (individual who is of the age of 60 years or more) not having income from the business/ profession is exempted from such tax payments.
With respect to this, the board mandates on-line payment of advance tax for all Corporates and also those assessees whose accounts are required to be audited under section 44AB of the income tax Act, 1961.
Though e-payment is not mandatory for other taxpayers, it would be convenient for them since it ensures correct credit.
“It should be noted that short or non-payment or deferment of payment of advance tax would lead to levy of interest,” the Board said.
Advance tax means payment of income tax in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in installments as per due dates provided by the CBDT. (KNN/YV)