15 March: advance tax deadline, even if you're salaried

March 15th – Last Date for #AdvanceTax Payment!
"My employer already deducts tax - should I still worry about Advance Tax?"
Many think that since #TDS (Tax Deducted at Source) is deducted from their salary, they have no tax liabilities left. But here’s the reality: Advance Tax applies to all income sources beyond salary!

Common Income Sources You Might Have Missed:
- Savings Account #Interest – Taxable under the new regime, no Sec 80TTA benefits!
- #FixedDeposit Interest – Even if credited at maturity, tax is due on accrued interest yearly!
- #Dividends – Even Re.1 of dividend income is taxable!
- #CapitalGains – Profits from selling stocks, mutual funds, or property attract taxes
- Employee's #EPF Contributions Over ₹2.5L/year – Interest earned on excess contributions even in the past is taxable!
- TDS ≠ Final Tax Liability!
For example, banks deduct only 10% TDS on FD interest, but if you're in the 30% tax slab, you still owe 20% tax!

Can I hide these incomes?
With advancements in Data integration, it's almost impossible to hide any of the formal income sources! #AIS (Annual Income Statement) available on the income tax portal, shows almost all details, though updation may be delayed at times.

How to Pay Advance Tax?
- Login to the Income Tax Portal.
- Go to E-Pay Tax under the E-file tab.
- Select "New Payment → Income Tax (Proceed)."
- Choose the right Assessment Year (AY 2025-26 for FY 2024-25) and Minor Head (100).
- Make Payment via Net Banking, UPI, Debit, or Credit Card (check charges before paying).
- Download the Receipt for records (though rarely needed)

What happens if you skip Advance Tax?
Penalties under Sec 234B & 234C – 1% per month on unpaid tax!
If you overpay? No worries! You can claim a refund while filing an ITR.

And if you looking for any help on #taxation, #PersonalFinance, or #CreditCards optimization, feel free to reach out to me.