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Since yesterday many chartered accountants and taxpayers are saying that taxpayers, including individuals, have been getting nudge emails from the income tax department about advance tax. The nudge email mentions that the Income Tax Department has reason to believe that the taxpayer’s advance tax payment doesn’t match up with their financial activities.
Income Tax Department portal glitches have allegedly cost a Delhi-based chartered accountant’s client Rs 29.10 lakh, as the person failed to meet the second instalment of advance tax payment due date of September 15, 2025 for AY 2026-27, despite making several payment attempts before the due date.
Those who have an income tax liability of more than Rs 10,000 need to discharge this tax liability by paying advance tax through four scheduled installments. The due date for the first installment of advance tax payment for FY 2025-26 is on June 15, 2025 which is a Sunday. Since Sunday is a public holiday banks are closed, which means you can’t use the bank challan or physical NEFT/IMPS method to pay advance on June 15, 2025.
The first instalment of advance tax payment for this fiscal year is June 15, 2024. Those with a net income tax liability of more than Rs.10,000 in any financial year are obligated to make advance tax payments.
ITR is a form you submit to the Income Tax Department that details your income earned and taxes applicable for a specific financial year (April 1st to March 31st of the following year).
The Reserve Bank of India (RBI) on Friday infused Rs 75,000 crore into the banking system through Variable Rate Repo (VRR) auction, aiming to provide funds to the banks ahead of advance tax and Goods and Services Tax (GST) payments…
The Income Tax Department has received certain information on specific financial transactions undertaken by persons/entities during Financial Year(F.Y.) 2023-24. On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such…
In a noteworthy development, the advance tax collection for direct taxes has witnessed a remarkable uptick, showcasing a robust 19.76% growth compared to the figures recorded last year. The data for December 2023 reveals a staggering collection of Rs 6,24,329…
Advance tax collections in the first half of 2023-24 have increased 20% year on year to Rs.3.54 lakh crore, people privy to the development said. Collections could go up further in the final tally as the numbers reflected calculations till…
The figures of Direct Tax collections for the Financial Year 2023-24, as on 17.06.2023 show that net collections are at Rs. 3,79,760 crore, compared to Rs. 3,41,568 crore in the corresponding period of the preceding Financial Year i.e. FY 2022-23,…