Bangalore, March 14, 2013:
Tomorrow is the last day to pay Advance Tax. As per section 209 of the Income-tax Act, 1961 the tax payers are required to pay the last installment of advance tax on or before 15-03-2013, according to the Income Tax Department.
It is seen that a large number of tax payers defer their advance tax which makes them liable for higher interest u/s.234C. Even one day of delay in payment of advance tax after 15-03-2013 will lead to levy of interest for three months.
To avoid higher payment of interest u/s.234C as also to avoid last minute rush in payment of taxes, it is advised to pay advance tax well before 15-03-2013, the Department said.
It is also brought to the notice of the tax payers that the taxes deducted at source (TDS) from various payments during the year have to be remitted before the due dates. Since, the last three days of the Financial Year may be closed banking holidays, tax deductors are advised to deduct and remit the due taxes well before 28-03-2013 to enable deductees to claim credit for TDS.
