What if you fail to pay tax on time?

[samkapoor77]

What if you fail to pay tax on time?

[samkapoor77]

The advance tax has to be paid by the 15th of March every year but if in case you fail to do so you can do it by the 31st of March. For the deferred payment of tax, interest would be levied on the taxable income and the total tax amount to be paid would increase. In short there would be a fine for the late payment of the advance income tax. But if you do not pay the taxes till 31st of March either, you would not be allowed to file for the income tax returns in that particular financial year.

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