The deadline for advance payment of tax for the 2024-2025 financial year is December 15, 2024. Companies, self-employed persons and employees must complete their tasks by this day to comply with tax legislation. income. However, since the deadline falls on a Sunday, many people wonder what would happen if it is missed.

Income tax paid in installments throughout the year rather than at the end of the financial year is called advance tax or “pay as you earn” tax. It applies to people and businesses who must at least ₹10,000 euros in taxes per year.

There are four payments in the payment schedule:

*15% of tax obligation before June 15

*45% of tax liability as of September 15 (adjusted for previous payments)

*75% of tax obligation by December 15

*100% of tax obligation before March 15

The good news is that taxpayers automatically get an extension if December 15 falls on a Sunday. There are no penalties or interest if payments are made on December 16, 2024, the next business day, Business Today reported.

This relief is based on a long-standing rule that the Income Tax Department clarified in a 1994 circular. It states: “If the receiving bank is closed on the day on which the last day for payment of any advance tax installment is due, payment may be made on the next business day without incurring interest under Section 234B or 234C of the Income Tax Code. Act.”

Here is a brief procedure for making payment:

Choose ‘e-Pay Tax’ from the Quick Links section of the Income Tax department’s website.

Provide your registered mobile number, confirm your details and enter your PAN.

Enter the resulting OTP.

Enter the amount due under “Withholding tax (100)” after selecting the tax category.

Choose your payment method, verify the information and make sure.

Taxpayers can relax now that the extension has been granted. To avoid problems, just make sure the payment is paid before December 16th.