New Delhi | Jagran Business Desk: People with their income falling in the income tax bracket need to pay advance tax, and today is the last day to do so. If one fails to file the advance tax by today i.e. March 15 then he or she will have to pay the penalties under section 234B and 234C.

What is advance tax?

Advance tax is paid by those individuals whose estimated tax liability for the year is Rs 10,000 or more. Advance tax is paid in four instalments -- 15 per cent on or before June 15, 45 per cent on or before September 15, 75 per cent on or before December 15, and 100 per cent on or before March 15.

Tax and investment expert Balvant Jain in conversation with Dainik Jagran said that if a person fails to pay advance tax by March 15, then he can pay it by March 31. However, those who will pay the advance tax from March 15 to March 31 will be liable for one per cent interest.

How to pay advance tax?

Step 1: You need to visit the official website of the Income Tax department and then you need to click on the option of e-payment facility.

Step 2: Now you need to click on the option of payment of advance tax.

Step 3: After this, you need to fill in the asked details like your name, address, PAN, and mobile number.

Step 4: Now you need to click on the proceed option and then you will be redirected to the page of payment gateway. Pay the amount and you are done.

Step 5: After making the payment, you will get a receipt named Challan 280, you need to save the copy of the Challan for future use.

Posted By: Deeksha Sharma