New Delhi, March 16 -- March 16:The due date for paying the final installment of advance tax for the financial year 2024-25 is March 15, failing to pay may attract a penalty, according to the Income Tax department. As per the Income-Tax (I-T) Act, 1961, individuals whose estimated tax liability exceeds Rs 10,000 during the year are required to pay advance tax.
This requirement applies even to salaried taxpayers, as their employers may only deduct tax from their salaries and not account for additional income like capital gains or interest from fixed deposits. However, there is an exemption for senior citizens who do not earn income from business or profession.
They are not required to pay advance tax. For everyone else, advance tax is base...