income tax

Copy Page

Published on 10 April 2025

Advance Tax e-Campaign 2023-24: Key Dates and Compliance Tips

Introduction

The Income Tax Department has launched the Advance Tax e-Campaign for the Financial Year (FY) 2023-24 (Assessment Year 2024-25). The purpose of this drive is to help taxpayers meet their advance tax obligations by sending reminders and notifications regarding timely payments, primarily focused on those whose financial activity might not be corresponding with their advance tax payment as reflected through the Annual Information Statement (AIS).

Target Audience

  • Individuals and Entrepreneurs: High-value transactions during the year are prioritized.
  • Taxpayers at Risk of Non-filing: Those whose advance tax payments do not match their economic activities.

Mechanism of the Campaign

  • Communication: Identified taxpayers are notified through email and SMS.
  • Call to Action: Taxpayers are urged to compute and pay their advance tax on March 15, 2024, for FY 2023-24, with corresponding dates to be followed for subsequent years.
  • Transaction Details: Important transaction details are available via the AIS module on the Compliance Portal.

Accessing Important Transactions

  1. Register: Register on the Income Tax e-filing portal if you haven't yet.
  2. Login: Log into your e-filing account.
  3. Navigate: Navigate to the Compliance Portal, click the e-Campaign tab to see details of your important transactions.

Advance Tax Payment Schedule

The timeline for paying advance taxes is as under:

  • June 15: 15%
  • September 15: 45%
  • December 15: 75%
  • March 15: 100%

100% should be paid by March 15 in the case of individuals under Presumptive Taxation schemes (Sections 44AD/44ADA).

Effects of Missing the Deadline

  • Interest under Section 234B: 1% per month is payable if less than 90% of the tax is paid on or before March 31.
  • Section 234C Interest: 1% per month for delayed installments.
  • Penalties: Extra interest and late fees could be charged if payments are delayed.

Online Payment of Advance Tax

To pay online advance tax:

  1. Use Challan ITNS 280: Visit the e-filing portal or a designated bank.
  2. Enter Information: Make sure the PAN, assessment year, and payment mode are correctly entered.
  3. Preserve Challan Identification Number (CIN): Hold on to this number after payment for your records.

Significance of the Campaign

  • Fosters Compliance: Promotes spontaneous tax compliance and reduces the chance of incurring penalties.
  • Fosters Transparency: Taxpayers can see all applicable high-value transactions via the AIS.
  • Simplifies Processes: The campaign eases compliance through electronic communication and online viewing, becoming less demanding on taxpayers.
Share: