New Delhi, 15/3 (AO Bureau): The last date for filing advance tax is March 15 i.e today, failing to do so might result in paying a needless penalty on taxes.
Advance tax is required to be paid by any person whose estimated lovability for the year is Rs 10,000 or more. However, a senior citizen, not having income from business or profession is not liable to pay advance tax.
The taxpayers are required to pay annual estimated tax in four installments of 15 per cent, 45 per cent, 75 per cent and 100 percent, on or before June 15, September 15, December 15 and March 15, respectively according to law.
In case the taxpayer fails to pay the advance tax before the deadline, he/she will be liable for interest under Section 234B and 234C.