New Delhi, June 13 -- The Income Tax (I-T) department has shared a post reminding taxpayers that the last date to pay the first instalment of advance tax for financial year 2025-26 is June 15 i.e., this Saturday.

For the uninitiated - advance tax is supposed to be paid by alltaxpayers whose tax liability is more than Rs.10,000 - be itsalaried persons, freelancers or business owners. Notably, only 15 percent of total tax liability is supposed to be paid by June 15.

It is worth mentioning that taxpayers are supposed to fileincome tax return (ITR) at the end of the financial year before July 31 (Sept 15 for this year), however, the tax liability needs to be cleared during the end of the year to avoid accruing interest on tax liability.

Un...