Are you salaried but have other significant income? You have to pay the tax in advance | Personal finances | Trending Viral hub

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March 15 is the final deadline to pay the fourth installment of advance tax for the assessment year 2024-25. Advance tax on estimated income must be paid during the year it is earned, rather than as a lump sum when you file your tax return.

“This system, known as the ‘pay what you earn’ approach, contrasts with the traditional lump sum payment at the end of the tax year. It provides a structured and manageable way for individuals and businesses to meet their tax obligations,” says Ritika Nayyar, partner at Singhania & Co.

At least 15 percent of the advance tax must be paid.

First published: Mar 05 2024 | 8:20 PM IS

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