New Delhi, March 11 -- March 15 is the last date to pay advance tax for the current financial year. Advance tax is essentially the tax you pay on all other income besides your salary.

If your total tax liability from income streams like interest, rent, capital gains and so on is more than Rs.10,000 (after adjusting for tax deducted and credited at source - TDS and TCS) instead of paying the total tax due when filing your income tax return (ITR), you have to pay it in four instalments over the course of the year.

The due dates for these four instalments are 15 June, 15 September, 15 December and 15 March.

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"The taxpayer is required to pay tax on a p...