Income Tax Alert: Pay First Advance Tax Installment of FY 25-26 by Due Date To Avoid Penalty

Income Tax Alert: Pay First Advance Tax Installment of FY 25-26 by Due Date To Avoid Penalty

Advance Tax is the income tax paid in advance in instalments during the financial year. The tax is required to be paid by salaried individuals, freelancers, business owners, companies, partnership firms, etc. As per section 208 of the Income Tax Act, 1961, advance tax is required to be paid by the assessee if their total tax liability during a financial year exceeds Rs. 10,000. Advance tax is paid in four instalments, and taxpayers must clear their 100% dues before the due date. If you miss the deadline, you will have to face penalties and interest charges. Senior Citizens who do not earn money from a business or profession are not required to pay advance tax.