Missed Paying Advance Tax? Here’s What to Do Before March 31 to Avoid Penalty!

Many freelancers, consultants, and even salaried individuals with side income forget to pay advance tax on time. But if your total tax liability exceeds ₹10,000 in a year, you’re liable — and now it’s last call before March 31.

Here’s what you can still do to fix it.

1. Who Needs to Pay Advance Tax?

If your total tax due (after TDS) > ₹10,000 in FY

Includes freelancers, stock traders, salaried with rental/interest/crypto income

2. What If You Missed Previous Installments?

Don’t panic — just pay the full remaining tax before March 31

You’ll still incur interest under Sections 234B & 234C, but it’ll be much less than if you delay further

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3. How to Pay It Online:
1. Visit http://incometax.gov.in
2. Go to e-Pay Tax → Select “Advance Tax (Minor Head 100)”
3. Use net banking or UPI to pay directly
4. Save challan receipt (to report in ITR later)
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4. What Happens If You Don’t Pay by March 31?

Interest under Section 234B = 1% per month on unpaid tax

Interest under 234C for missing quarterly deadlines

Plus, self-assessment tax burden rises during ITR filing