March 15 is the last date for filing fourth installment of advance tax this year, failing to do so might result in paying needless penalty on taxes.
Salaried, freelancers and businesses – If your total tax liability is Rs 10,000 or more in a financial year you have to pay advance tax. However, a senior citizen, not having income from business or profession is not liable to pay advance tax.
The Income Tax law requires specified assessees to estimate their income, compute income-tax liability and pay taxes in four instalments during the course of the financial year. The assessees are usually not expected to pay taxes in one instalment.
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