Is it permissible to remit advance tax for the current fiscal year after March 15th, specifically for the year commencing on April 1, 2024, and concluding on March 31, 2025, where the advance tax liability exceeds ₹100,000? If such payment after March 15th but before March 31st is not allowed, under what category should the payment be made? Furthermore, would penalties or interest be applicable for missing the March 15th deadline?
Hello @Arindam_Bhattacharya
Yes, you can pay advance tax after 15th March but before 31st March, and it will still be considered advance tax. However, interest under Section 234C (1% for one month) will apply.
If paid after 31st March, it will be treated as self-assessment tax, and interest under Section 234B (1% per month) will also be applicable.
@Swapnil_Agarwal Thank you very much for your advice. Could you please also confirm whether the 1% interest rate is monthly, which would equate to an annual rate of 12%?
Yes, the interest is levied monthly so it would equate to 12% annually.
You can also make tax payments without any hassle using the below link:
Refer the article to Pay advance tax - Help center article
Thanks