Index Fund Corner
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| Scheme Name | 1-Year Return | Invest Now | Fund Category | Expense Ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest Now | Equity: Large Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest Now | Equity: Large Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest Now | Equity: Large Cap | 0.25% |
| Axis Nifty 500 Index Fund | — | Invest Now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest Now | Equity: Mid Cap | 0.28% |
The Income Tax Department’s circular, dated January 14, 1994, clarifies that if a due date falls on a public holiday, payments made on the next working day will be treated as on time.
Since December 15, 2024, is a Sunday, a public holiday, taxpayers can settle their advance tax dues on the next working day—December 16—without facing interest penalties under Sections 234B and 234C of the Income-tax Act.
The circular states, “If the last day for payment of any instalments of advance tax is a day on which the receiving bank is closed, the assessee can make the payment on the next immediately following working day, and in such cases, the mandatory interest leviable under sections 234B and 234C of the Income-tax Act, 1961, would not be charged.”
Advance tax schedule for FY 2024-25
Advance tax, payable in instalments throughout the year, ensures that taxes are collected in the same financial year as income is earned.
The payment schedule is as follows:
- 15% by June 15
- 45% by September 15
- 75% by December 15
- 100% by March 15
For the third instalment, taxpayers must ensure their cumulative payments equal at least 75% of their total tax liability by December 15.
Who needs to pay advance tax?
Taxpayers with a liability of ₹10,000 or more after deducting TDS must pay advance tax.
This includes:
- Salaried individuals with additional income (e.g., rent, capital gains, or lottery winnings).
- Self-employed individuals and business owners.
Exemptions
- Resident senior citizens with no income from business or profession.
- Individuals opting for presumptive taxation under most sections (except Section 44AE) can pay the entire tax by March 15.
Penalties for delayed payments
Missing the advance tax deadlines attracts interest penalties:
- Section 234C: A 1% monthly interest for shortfalls in instalments.
- Section 234B: A 1% monthly interest if 90% of the total tax liability is not paid by March 15.
How to pay
Advance tax payments can be made online via the Income Tax E-Filing Portal or at authorised bank branches.
Accurate calculations are essential to avoid penalties.
