The first installment of Advance Tax as per Income Tax for FY 2025-26 is due by 15th June 2025
Nidhi | Jun 13, 2025 |
Income Tax Alert: Pay First Advance Tax Installment of FY 25-26 by Due Date To Avoid Penalty
Advance Tax is the income tax paid in advance in instalments during the financial year. The tax is required to be paid by salaried individuals, freelancers, business owners, companies, partnership firms, etc. As per section 208 of the Income Tax Act, 1961, advance tax is required to be paid by the assessee if their total tax liability during a financial year exceeds Rs. 10,000. Advance tax is paid in four instalments, and taxpayers must clear their 100% dues before the due date. If you miss the deadline, you will have to face penalties and interest charges. Senior Citizens who do not earn money from a business or profession are not required to pay advance tax.
The first instalment of Advance Tax for FY 2025-26 is due by 15th June 2025. Taxpayers must pay the tax before this due date. Missing the deadline can result in penalty and interest charges.
Non-Availability of CII to create problem
In the Finance Act (2) of 2024, the Finance Minister removed the indexation benefit for long-term capital gains made after July 22, 2024, and reduced the tax rate from 20% to 12.5%.
However, if a resident taxpayer sells an immovable property that was bought before July 23, 2024, they can still claim indexation. Without the Cost Inflation Index (CII), it is not possible to accurately calculate the capital gains on such property sales.
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"
