March 15 is the final deadline for paying the fourth instalment of the advance tax for assessment year 2024–25. Advance tax on estimated income must be paid during the year in which it is earned, rather than as a lump-sum at the time of filing your tax return.
“This system, known as the ‘pay as you earn’ approach, contrasts with the traditional lump-sum payment at the fiscal year-end. It provides a structured and manageable way for individuals and businesses to meet their tax obligations,” says Ritika Nayyar, partner, Singhania & Co.
At least 15 per cent of advance tax must be paid
First Published: Mar 05 2024 | 8:20 PM IST
