The last day to pay second instalment of advance income tax for fiscal year ending March 2019 is on September 15. The Income Tax Department has been reminding people of paying the second instalment for advance income tax by the due date. Short/ non-payment/ deferment of payment of advance income tax will result in a levy of interest. Taxpayers can pay the second instalment of advance income tax online. Advance income tax is paid in September, December and March, said the Income Tax Department.
Here are the key things to know about advance income tax:
Who is liable to pay advance income tax?
Any assessee, including salaried employee, whose tax liability for the financial year, as reduced by the tax deducted/ collected at source, is Rs. 10,000 or more is liable to pay advance income tax. Resident senior citizens not having income from business or profession are not liable to pay advance income tax.
Mode of payment of advance income tax
e-payment is mandatory for all corporate houses and also those assessees whose accounts are required to be audited under section 44 AB of the Income Tax Act.
e-payment is convenient for other taxpayers as it ensures correct credit, said the Income Tax Department on its Twitter handle @IncomeTaxIndia.
Schedule for payment of advance tax
1) On or before September 15, 2018, you have to pay 45 per cent of the payable tax.
2) On or before December 15, 2018, you have to pay 75 per cent of the payable tax.
3) On or before March 15, 2019, you have to pay 100 per cent of the payable tax.
The last date for filing of income tax returns for fiscal 2018 was August 31.
Income tax returns cannot be filed without a valid PAN card or permanent account number. PAN card should also be linked to the biometric Aadhaar card number.