New Delhi, June 12 -- Every individual tax assessee whose estimated tax liability for a financial year (FY) exceeds Rs.10,000 may need to pay advance tax. The deadline to deposit the first out of total four instalments of advance tax for financial year (FY) 2019-20 is on 15 June. So if you need to pay advance tax, do so before the deadline, as failure to comply can attract interest on the due amount.

Advance tax liability

According to Section 208 of the Income-tax Act, 1961, every individual tax assessee whose estimated tax liability for an FY exceeds Rs.10,000 has to pay advance tax. However, if you are a salaried individual, and your employer deducts the necessary tax applicable to you and deposits it with the I-T department every month...