Advance Tax Deadline for FY 2025-26 Falls on June 15, Mandatory for those with Tax due Over Rs. 10,000
The deadline for the first instalment of advance tax for the financial year 2025-26 is June 15th, a Sunday
Attention readers, at 11:04 AM today, the Income Tax Department, through its Twitter handle, reminded taxpayers that the deadline for the first instalment of advance tax for the financial year 2025-26 is June 15th, a Sunday. It is vital to note that this deadline is applicable for those taxpayers who belong to the class of professionals, freelancers, or business owners with a tax liability of Rs. 10,000 or more.
The most common doubt that could arise is, 'Why should you pay this advance tax?' and the answer is quite simple. It is in order to avoid penalties and to avoid interest charges. This deadline is also applicable to senior citizens (individuals aged 60 years or more) with business income.
The Income Tax Department has also verified that this deadline is applicable for persons opting for the presumptive taxation scheme for the F.Y. 2025-26 to pay advance tax in one payment by 15th March 2026.
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The payment can be made through online or offline mode and e- payment, is recommended by the department for easier compliance. For corporates and taxpayers requiring an audit under Section 44Ab of the Income Tax Act, 1961, it is mandatory to make the payment through online mode. Offline payment mode is available for non-audit taxpayers.
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Being a responsible citizen of our country, you should pay your taxes on time as it helps to boost the nation’s development, and thus, your timely contribution is vital for the better future of our nation.
In conclusion, if your total income tax liability for the financial year exceeds Rs. 10,000, you're required to pay advance tax in instalments. Paying it on time helps you avoid interest penalties under Sections 234B and 234C of the Income Tax Act, 1961. Missing the deadlines can lead to an additional financial burden, even if your taxes are fully paid later.
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