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Taxpayers should pay first instalment of advance tax by June 15 or face penalty

The first instalment of advance tax to the government is due by 15th June, 2018. The Income Tax Department has warned taxpayers that “short/ non-payment or deferment of advance tax payment will result in levy of interest.” Advance tax is paid on the principle of ‘pay as you earn’ and one has to pay it during the same fiscal year in which an income is earned. Advance tax has to be paid in four instalments. Currently 15% of the estimated advance tax is to be paid by 15th June, 45% on or before September 15, 75% on or before December 15, and 100% on or before 15th March, 2019. Any assessee, including salaried employees, whose tax liability for the financial year as reduced by the TDS/TCS is likely to be Rs 10,000 or more is required to pay advance tax. 

Read More at The Financial Express News date : 5 Jun 2018, Tuesday

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