Master in Accounts & high court Advocate
9615 Points
Posted on 30 March 2025
Since your new company didn't deduct TDS on your March salary, you'll need to address this tax liability. Advance Tax or Self-Assessment Tax: - *Advance Tax*: You're required to pay Advance Tax if your tax liability exceeds ₹10,000 in a financial year. Since your TDS liability is more than ₹10,000, you should pay Advance Tax. - *Due Date*: The last installment of Advance Tax for FY 2023-24 is due on March 15, 2024. However, since you've missed this deadline, you can still pay the tax liability by March 31, 2024, to avoid interest and penalties. Self-Assessment Tax: - *Option*: You can also pay the tax liability as Self-Assessment Tax while filing your Income Tax Return (ITR) by the due date (usually July 31, 2024). - *Interest and Penalties*: Keep in mind that paying Self-Assessment Tax later may attract interest and penalties, which can be avoided by paying Advance Tax. Recommendation: 1. *Pay Advance Tax*: To avoid interest and penalties, consider paying Advance Tax by March 31, 2024. 2. *Consult a Tax Professional*: If you're unsure about the process or have specific questions, consult a tax professional. 3. *Maintain Records*: Keep records of your tax payments, including Advance Tax or Self-Assessment Tax, to ensure accurate reporting in your ITR.