​Have you checked your advance tax liability? Pay by this date to avoid penalties

Schedule of advance tax for salaried individuals

Advance tax needs to be paid in four specified instalments in June, September, December and March of the relevant financial year. The last date for paying the fourth instalment of advance tax for incomes relating to FY 2023-24 is March 15, 2024.

The due dates and percentage of advance tax payable is shown in the table below:

<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-108325205»> Due DateAdvance tax payment percentageOn or before June 1515% of the net estimated tax liabilityOn or before September 1545% of the net estimated tax liability minus advance tax already paidOn or before December 1575% of net estimated tax minus advance tax already paidOn or before March 15100% of net estimated tax minus advance tax already paid

Who is not required to pay advance tax

Some taxpayers need not pay any advance tax. According to Ankit Jain, partner, Ved Jain & Associates, the following categories of taxpayers are exempt from paying advance tax:

• Senior citizens: Senior citizens who do not have any income from business or profession are exempt from paying advance tax.
• Presumptive taxation scheme: Taxpayers who have opted for the presumptive taxation scheme under section 44AD or 44ADA must pay their entire income tax amount in one instalment on or before March 15 of the financial year.

Tax experts say that since TDS is deducted for salaried individuals, they need not pay any advance tax unless certain circumstances have changed. According to Jain, «While salaried individuals are not exempted from payment of advance tax, they

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