High kiwi prices in India: Gurugram dietician says buy amla, jamun, guava and other affordable, seasonal fruits insteadIs the kiwi craze burning a hole in your pocket? With prices hitting almost ₹60 for a single kiwi, it’s time to look at what’s growing in our own backyard
Deep-sea mining companies face a blizzard of litigation if they forge ahead with "unlawful" plans backed by U.S. President Donald Trump to dig critical minerals from the ocean floor, the head of the International Seabed Authority (ISA) told AFP on Friday (May 22, 2026)
U.S. Senate Republicans abandoned plans on Thursday (May 21, 2026) to advance major immigration enforcement legislation after furious internal disagreement over a proposed $1.8 billion compensation fund for U.S. President Donald Trump's allies who claim they were unfairly targeted by federal
A dream in full swing: Kunal Pradhan writes on career slams, golf and Rory McIlroyHe waited 17 years for his first Masters title. Then won twice, back-to-back, joining a club of just six golfers in the modern history of the game. A look at an incredible journey, and those that came before
U.S President Donald Trump said he had postponed the signing of an executive order on artificial intelligence with top CEOs at the White House on Thursday because he didn't like parts of the text. "Because I didn't like certain aspects of it I postponed it
Should You Pay Advance Tax If Your Income Is Below Rs 12 Lakh? Here's What You Need To Know
Should You Pay Advance Tax If Your Income Is Below Rs 12 Lakh? Here's What You Need To Know
Advance Tax Due Date: Advance tax is a system where taxpayers estimate their current income and pay taxes in instalments throughout the financial year if their tax liability exceeds a certain limit, which is typically Rs 10,000, irrespective of tax regime. It means taxpayers won't pay the entire tax liability once the financial year ends, as it happens in the normal tax filing every year.
Third instalment of advance tax for the assessment year 2026-27 is December 15, 2025. Taxpayers must pay 75 per cent of their tax liability till that time to avoid any tax notice from the department.
CA Shefali Mundra, Tax Expert at ClearTax explains to News18 that any taxpayer, whether an individual, HUF, firm, or company, whose total tax liability for the year exceeds Rs 10,000 after accounting for TDS and TCS, must pay advance tax.
However, senior citizens who do not have business or professional income are exempt from paying advance tax, she adds.
Common errors made during advance tax payments include overlooking the Rs 10,000 threshold, assuming that senior citizens are always exempt, or failing to account for one-off incomes like capital gains, ESOPs, or dividends are among the common mistakes taxpayers must avoid while filing their advance taxes.
Mundra warns another mistake is not paying the correct percentage of tax by each due date, particularly the 75% by 15 December milestone, which triggers penalties under Section 234C if missed.
“Additionally, taxpayers often use the wrong assessment year or minor head in the e-Pay Tax process, leading to mismatched payments. It's also crucial to reconcile the information in the AIS (Annual Information Statement) with the tax estimate to avoid paying less than required," she cautions.
Another common mistake occurs when employees shift jobs during the year and receive two Form 16s. Sometimes, both Form 16s include the standard deduction and basic exemption limit, effectively counting them twice. This can lead to an underestimation of the TDS deducted, causing the individual to miss out on tax payments that should have been accounted for earlier.
Mundra says there is a penalty for missing the advance tax deadline, but it's typically in the form of interest rather than a fine.
Swipe Left For Next Video
Under Section 234C, interest is levied at 1% per month on the shortfall in tax paid if the instalment is missed or underpaid. If the total advance tax paid by the end of the financial year is less than 90% of the total liability, taxpayers are also subject to interest under Section 234B at the rate of 1% per month.
However, if taxpayers have unpaid tax due to an unexpected income after an advance tax due date, such as capital gains, they are allowed to pay it in the following instalment (or by 31 March) without penalty, provided the tax is paid within the given time frame.
Source: News18
Related Posts: Tax Audit ITR Due Date Indian Banking System Remains Strong Despite West Asia Crisis And Falling Forex Reserves Record Date, Share Entitlement Ratio, Effective Date, Everything You Need To Know ITR Due Date Extended GSTR-3B Due Date Missed ITR Due Date ITR Filing Due Date Extended Three injured as huge Ravan effigy falls in Ujjain due to strong winds Statue of Liberty's massive replica topples due to strong winds in Brazil DIIs continue to provide strong support to markets driven by strong domestic
Even after the sweltering heat, if you have managed to breezed into the office at 9am with fresh skin, bouncy hair, and bright eyes. But somehow by 1pm, your reflection tells a different story: oily strands, a puffy face, dull complexion, and that unmistakable mid-afternoon slump
1 days ago
, the parent company of Naukri.com, said its after taxes (PAT) jumped 23% year-on-year (YoY) to Rs 566 crore in the March quarter, compared with Rs 463 crore in the year-ago period.The company’s increased 16% to Rs 869 crore in Q4FY26, from Rs 750 crore in the same quarter in the previous year
1 days ago
South Korean police are seeking an arrest warrant for a YouTuber who allegedly faked evidence that defamed actor Kim Soo-hyun and fuelled a scandal which ended his career. Authorities say the YouTuber had manipulated screenshots of text messages and shared an audio file made with AI to give the
1 days ago
Among the Rajya Sabha MPs completing their terms are former Prime Minister H. D. Deve Gowda and senior Congress leaders Mallikarjun Kharge and Digvijaya Singh. The Election Commission of India (ECI) on Friday announced that elections for 24 Rajya Sabha seats will take place on June 18 as 24 members
1 days ago
Anna University has released the results of the Tamil Nadu Common Entrance Test (TANCET) 2026 today, May 22. Candidates who appeared for the examination can check and download their TANCET 2026 results by visiting the official website at tancet.annauniv.edu
1 days ago
Alert: Fake census forms, scamsters on the prowl? Beware!Fake Census 2027 forms resembling official survey documents are reportedly being circulated by scammers in parts of north-east and east Delhi. Here’s how the fraud works and what residents can do to avoid falling victim to it
1 days ago
The TDP-led NDA is set to secure all four Rajya Sabha seats in Andhra Pradesh. Elections are scheduled for June 18, 2026. The current Rajya Sabha composition will shift following this election. Sources indicate the TDP will contest two seats, with the BJP and Janasena each vying for one
1 days ago
Karuppu: Flawed yet beautiful humans are the soul of Suriya-Trisha Krishnan's film, not guardian deitiesRJ Balaji's Suriya and Trisha Krishnan-starrer Karuppu might be about a guardian deity but the film's strength lies in its humans. Here's why. May 22, 2026
1 days ago
How Bengal police erred, CBI fixed wrong arrest of BJP 'devotee' in CM Suvendu aide murder caseRaj Singh, 28, was arrested on May 10 by the West Bengal Police Special Investigation Team (SIT) formed to probe murder of CM Suvendu's aide. Published on: May 22
1 days ago
The Supreme Court on Friday recalled its order barring three academics from all government projects for drafting a chapter about “corruption in the judiciary” in a now-withdrawn textbook, Live Law reported. A bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul Pancholi
1 days ago
‘Use electricity wisely’: Govt tells citizens as peak daytime power demand breaks record amid heatwave“Due to the intense heat wave in the country, the demand for electricity is also increasing,” the ministry said. Published on: May 22, 2026 4:47 PM IST Edited by Priyanjali Narayan Share
1 days ago
Cuba Has Few Defenses If the U.S. Military Moves Against ItThe communist island once had a vaunted military, but it’s now “a shell of a shell of what it used to be.” Published on: May 22, 2026 4:27 PM IST WSJ Share via Copy link Cuba’s armed forces once fielded tens of thousands of
1 days ago
The Life Insurance Corporation of India (LIC) on Friday has announced the introduction of two new insurance products viz LIC’s New Jeevan Sathi – Single Premium and LIC’s New Jeevan Sathi – Limited Premium as part of efforts to strengthen its savings portfolio
1 days ago
Gul Panag slams Dhruv Rathee’s ‘humiliate PM Modi abroad’ remark: ‘It diminishes the institution’Gul Panag reacted to Dhruv Rathee’s post on PM Modi and said disagreement should not insult institutions. Published on: May 22, 2026 3:06 PM IST By Mahipal Singh Chouhan Share via Copy link
1 days ago
The income tax department has tightened its data-matching systems in recent years. With the growing use of AI-based risk assessment and system-driven verification, taxpayers are now expected to ensure that the details disclosed in their income tax return (ITR) match the information already
1 days ago
Inside fashion’s luxury home gym era: $15,000 Swarovski dumbbells, designer Pilates reformers and moreLuxury houses are moving beyond fashion, designing sculptural fitness equipment that turns the home into a stylish wellness sanctuary Published on: May 22
1 days ago
Stephen Colbert signed off the final episode of The Late Show with special guest Sir Paul McCartney, bringing the programme's historic 33-year run to an end. On Thursday night's show, Sir Paul and Colbert reminisced about past appearances at New York's Ed Sullivan Theater by The Beatles
1 days ago
Anti-low appraisal, ‘chaatu’ colleague, 'Baddie' party: How Cockroach Janta Party has opened a can of wormsNo one knew a statement by CJI using the word ‘cockroach’ while talking about the youth would lead to a social media wave that would surpass BJP's popularity. Published on: May 22
1 days ago
2 held from Goa for 'running cyber fraud-cash conversion racket', ₹40 lakh trail uncovered2 held from Goa for 'running cyber fraud-cash conversion racket', ₹40 lakh trail uncovered Published on: May 22, 2026 2:18 PM IST PTI Share via Copy link New Delhi, With the arrest of two men from Goa
1 days ago
Try these 5 home remedies that may actually help ease seasonal congestionEvery seasonal congestion doesn’t have to be treated with medicines. Here are some home remedies that could actually help clear things up. Published on: May 22, 2026 2:27 PM IST By Anukriti Srivastava Share via Copy link
1 days ago
U.S. Secretary of State Marco Rubio is on his latest mission to assuage nervous U.S. allies in Europe about the Trump administration's intentions with North Atlantic Treaty Organization (NATO) or at least put a friendlier face on whipsawing changes and uncertainty about American troop reductions.U
1 days ago
72-year-old grandmother of 5 proves there is no age limit to bodybuilding, shows super toned physique at Taiwan eventMeet Lin Sui-tzu. For this Taiwanese grandma of five, who trains six days a week, the goal isn't just to live longer — it's to live stronger. Published on: May 22
1 days ago
, the parent company of Naukri.com, said that its jumped 23% year-on-year (YoY) to Rs 566 crore for the March quarter, compared with Rs 463 crore in the year-ago period. The profit after tax (PAT) is attributable to the company’s equity holders
1 days ago
Mercedes GLE and GLS Night Editions: Both Night Edition SUVs get Mercedes’ 9G-Tronic automatic gearbox and AIRMATIC suspension setup. Mercedes GLE and GLS Night Editions: Mercedes-Benz India has introduced the special Night Edition versions of the Mercedes-Benz GLE and Mercedes-Benz GLS
1 days ago
As expectations rise across higher education, institutions are increasingly being judged by measurable progress rather than reputation alone. This article explores how assessment, benchmarking, and evidence-based improvement are becoming essential to building credibility, trust
1 days ago
Bengaluru woman touched after tempo driver gifts entire bouquet instead of one flower: ‘He made my entire week’A Bengaluru woman shared how a tempo driver gave her an entire bouquet instead of just one flower. Published on: May 22, 2026 2:03 PM IST By Mahipal Singh Chouhan Share via Copy link A
1 days ago
Kuki-Zo body seeks handover of all Manipur hostages, dead or aliveA hostage crisis and escalating Naga-Kuki tensions are the latest in a series of crises in Manipur, where ethnic violence has continued since 2023 Published on: May 22, 2026 2:29 PM IST By Thomas Ngangom Share via Copy link An apex
1 days ago
