Tipping Point: What happens if you miss the June 15 advance I-T deadline?

Who needs to pay advance tax? 

Advance tax has to be deposited by anybody whose tax liability for the financial year is Rs 10,000 or more. For the salaried, employers take care of it. It is payable in four instalments in every quarter – 15 per cent by June 15, 45 per cent by September 15, 75 per cent by December 15 and 100 per cent by March 15. For assessees who have opted for presumptive taxation, the entire advance tax is payable on or before 15 March.

What happens if you miss the June 15 deadline? 

The income-tax department will levy a penalty for missing the advance tax deadline. Paying the advance tax on time helps you plan your tax liability over the year rather than paying at one go at the end of the financial year.