Advance Tax Payment Due Dates FY 2022-23: Advance Tax is pre-paid tax by the assessee on the income earned during the year. In simple words, you can say that assessee has to pay taxes in advance on the estimated income during the year in instalments for the individual assessee, companies and corporate assesses.
For example, for the financial year 2022-23 (relevant to the assessment year 2023-24), advance tax is payable in instalments during 2022-23.
In this article, we will discuss the due dates of advance tax payment for the assessment year 2023-24.
Who is Liable to Pay Advance Tax?
The following persons are required to pay advance tax before the last date.
- Salaried Persons whose tax is calculated at more than Rs.10,000 are liable to pay advance tax.
- Businessmen whose tax is calculated as more than Rs.10,000 are liable to pay advance tax.
- Freelancers whose tax is calculated as more than Rs.10,000 are liable to pay advance tax.
Who is not Liable to Pay Advance Tax?
- Senior Citizens whose age is 60 years or older and not running any business exempt to pay advance tax.
Advance Tax Payment Due Dates for (A.Y.2023-24 F.Y. 2022-23)
The advance tax has to be paid by the assessee on the following dates specified by the Income Tax act. The delay in the payment of advance tax attracts a penalty. The following table contains advance tax payment due dates for f.y. 2022-23. Check Interest on Short or Non Payment of Advance Tax
|Advance Tax||Installment||Due Dates|
|15% of Advance Tax||1st Installment||15th June 2022|
|45% of Advance Tax||2nd Installment||15th September 2022|
|75% of Advance Tax||3rd Installment||15th December 2022|
|100% of Advance Tax||4th Installment||15th March 2023|
|The taxpayers who have opted for the presumptive taxation scheme under section 44AD & 44ADA Business income can pay 100% of advance tax on or before 15th March.|
Advance Tax Payment Due Dates Important Points
You should consider the following points about advance tax payment dues for f.y. 2022-23.
- Business/Professional assessees declaring income under the estimated income scheme u/s44AD or 44ADA shall be required to deposit the whole of advance tax by 15th March of the financial year.
- Any amount deposited by 31st March is treated as advance tax for that financial year.
- In the case of salary income, the tax is deducted by the employer. So TDS is also treated as prepaid taxes. So salaried person pay advance tax but in the shape of TDS. So the Salaried person needs to pay tax if the tax is less than TDS. But if the TDS is less than the actual Tax then they are also liable to pay advance tax.
But TDS should be deposited latest by 31st March of the financial year.
If the due date is Sunday or any holiday then the assessee can deposit the advance tax on the next working day. It will be treated as advance tax and no penal interest will be charged.
Check our article: Who is required to pay advance tax?
The payment of advance tax dates is very important. The penal interest at the end of the financial year will be calculated by the delay from the due date of a particular instalment. So don’t miss the advance tax payment date. To do this bookmark this page and visit regularly or subscribe to your email to get a monthly reminder of all the due dates/closing dates of Income Tax and other taxes in India.
Know more about how to deposit advance tax?
How to Calculate Advance Tax?
- Advance tax is payable in instalments as above on total income estimated for the financial year including capital gains and casual incomes such as winning from lotteries, races etc.
- The income for the current year should be estimated as precisely and correctly as possible. The mistake attracts penal interest.
- If any capital gains or casual income arises subsequent to payment of an instalment, the remaining instalment of advance tax should be revised. If any income arises after 15th March then advance tax can be deposited on such income up to 31st March.
Know more about how to calculate Advance Tax
Advance Tax Payment – Latest Amendments
Senior citizens (Over 60 Years) need not to pay advance tax if not having any business income. (w.e.f.1-4-2012).
Hope you will like our article on advance tax payment/instalment due dates. If you have any queries related to the last dates of advance tax payment then comment, we will try to answer in the next 24 hours.
18 thoughts on “Advance Tax Payment Due Dates *F.Y.2022-23 A.Y.2023-24*”
IF 14TH & 15TH ARE BANK HOLIDAY , CAN I PAY THE ADVANCE TAX ON 16TH MAR-20 WITHOUT ANY INTEREST & PENALTY ?
sir 14th and 15th septemner,2019 is holiday can i pay Advance Income Tax on 16th september,2019 please advise
Regarding information about TDS by Bank: This has ref. to Tds that I am earning Approx.247000 by way of fix-deposit interest & my pension For f.y.2016-17. I had submitted 15H to bank on line yet bank is deducting tds from my account, So I wanted to know is it reasonable to deduct tax. What to do with bank for stopping my TDS. I am senior citizen resident.
I have missed out on payment of Adv Tax by 15th June 2017. What do I do now and how do I minimise the damage
Very useful & Informative articles from Cutmytax.com.
If a company is liable to pay tax as per mat for q3 then, does it have to pay advance tax as per mat or normal provisions of Income Tax Act?
I am a salaried person and pay tax through TDS. I also earn income by way of house rent and also pay tax on the income (approx. 1.0 Lac) usually at the time of filing return. if the tax approx. 22000.00 shall come under the purview of advance tax OR what is the right time to deposit this tax? Please guide me.
I am a pensioner having net income tax less than 10,000 for this year. TDS does not happen on my income. Under which section of payment should I pay my tax for the FY 2015-2016.
hello Akila, You don’t need to pay advance tax as your tax is less than 10,000 annually. You don’t need to mention any section while paying income tax. You just fill online form 280 via TIN and pay through net banking.
Sir, I, a Senior Citizen age 62 yrs paid advance tax amount less than 10,000 for AY 2016-1 in Jan 2016 on my total pension+interest received from banks on deposits. I have no business/other income.
On 14 Mar.2016, I received arrears of pension and my total taxable income for AY 2016-17 increased.
Please tell me, How can I pay ”difference” of advance tax for AY2016-17 before 31 March 2016.
When i am preaparing return (AY 2014-15) filing today it show me some amount to pay (interest Rs 452 in 234A column), even i have deposited self assessment tax of Rs 11320 online on 30 july 2014 and already figure is visible on 26AS form.
Please guide me.
i hv a company franchise and giving service to its customers. My monthly invoice amount ‘ll b approx 250000 rs. (including service tax)
will company deduct TDS and how much?????
If you have TAN no. then you applicable for TDS deducting.
if the due date falls on a Sunday or a public holiday what is the due date? For example, Sep 15 is a Sunday. The due date is 16th Sep or 14th Sep?
what is criteria of penalty to pay the advance income tax ?
Thanks for the excellent article. Which is the last date for paying adv.tax for the Sr.Citizens?–15th Mar? 31st Mar? or, just before filing the return( ie. 31st July) ?
it’s very useful, highly informative