Advance Tax Due Dates & Penalties for FY 2026-27
Quick Answer
If your estimated tax liability exceeds ₹10,000 in a year, you must pay advance tax in four installments: 15% by June 15, 45% by Sept 15, 75% by Dec 15, and 100% by March 15. Delaying payments incurs 1% monthly interest under Sections 234B and 234C.
What is Advance Tax?
Advance tax, also known as "pay-as-you-earn" tax, is the income tax paid in advance during the financial year instead of a lump sum at the end. It applies when your total tax liability for the year, after deducting TDS, is ₹10,000 or more.
This applies to all taxpayers, including salaried employees with other income sources, freelancers, and businesses. However, senior citizens (60+ years) not having any business income are exempt from paying advance tax.
Advance Tax Installments for FY 2026-27
Taxpayers (other than those under presumptive taxation) must follow this schedule:
| Due Date | Tax Payable |
|---|---|
| On or before 15th June | 15% of advance tax |
| On or before 15th September | 45% of advance tax |
| On or before 15th December | 75% of advance tax |
| On or before 15th March | 100% of advance tax |
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