Does your tax liability for year exceed Rs 10,000? Pay advance tax

While NRIs are liable to pay advance tax, senior citizens with pension and interest income are exempted

September 15 is the deadline for paying the second instalment of advance tax. This is income-tax (I-T) taxpayers need to pay every quarter, instead of a lump sum at the end of the year.

Ashutosh K Srivastava, senior associate, SKV Law Offices, says, “The tax has to be usually paid when income is earned. Nonetheless, according to the I-T Act, the taxpayer has to estimate his income for the entire financial year. Based on that, he/she pays tax at specific intervals.”  

Pratyush Miglani, managing partner, Miglani Verma & Co., says, “Paying a huge amount of tax at one go can