A Taxing Tale: Aahil and Vivaan Discuss Advance Tax

CA. Bhavik P. Chudasama | Last updated: 08 March 2024

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Advance tax involves paying your income tax in instalments throughout the financial year rather than a single payment at the end. There are specific deadlines for these payments: 15% by June 15th, 45% by September 15th, 75% by December 15th, and the remainder by March 15th. To avoid interest, you must pay at least 90% of your total tax liability by March 31st. Small businesses may benefit from presumptive tax schemes under Sections 44AD and 44ADA, allowing for a single advance tax payment by March 15th.

Aahil: Hey Vivaan, hows tax season treating you this year? Remember the interest you had to pay last year for not paying advance tax? Vivaan: Dont even remind me, Aahil. It was a real blow to my pocket! This year, Im determined to be on top of things. Aahil: Smart thinking! Advance tax can be

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About the Author

CA. Bhavik P. Chudasama

Practice

Greetings to Everyone, I am Bhavik Hansa Prakash Chudasama, a Practicing Chartered Accountant based in Thane, Maharashtra, and the proprietor ofBhavik Chudasama Co., Chartered Accountants. With over a decade of experience in the industry since 2009, I specialize in the following areas: Taxation: VAT, Income Tax Re ... Read more

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