What happens if you miss advance tax deadline
The deadline for filing the second instalment of advance tax passed on Tuesday, September 15, 2026. Failure to meet this date can result in penalties for taxpayers. Advance tax is a payment made throughout the year, rather than in a lump sum at the end of the financial year. The income tax liability must exceed Rs 10,000 after considering TDS or TCS for a taxpayer to be required to pay advance tax.
Even though salaried individuals may not need to pay advance tax, they could be obliged to do so if they have additional income sources, such as capital gains, interest, or rent. The deadlines for advance tax instalments are set as follows: June 15 (15%), September 15 (45%), December 15 (75%), and March 15 (100%). Payments can be made online via the Income Tax Department's e-Pay Tax facility.
Failure to pay the required advance tax may lead to interest charges of 1% per month or part of a month on the shortfall or delayed payment, even if the remaining tax is paid upon filing the income tax return.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
