CAG to Engage CA Firms for Audit of 350 Autonomous Bodies

The deadline for paying the first installment of advance tax for the financial year 2025-26 is June 15. This deadline is applicable to all taxpayers—including individuals, professionals, and corporations—whose total estimated tax liability for the year is Rs 10,000 or more. Advance tax is the system of paying income tax in installments throughout the year, rather than as a lump sum at the end. For the first quarter (April to June), taxpayers are required to pay at least 15% of their total estimated tax liability by the June 15 due date. Failure to pay the correct amount of advance tax on time can attract interest under Sections 234B and 234C of the Income Tax Act. Taxpayers are advised to carefully estimate their annual income and pay the required installment to avoid these interest charges.