Income Tax News: Attention Taxpayers ! Last Date to Pay on June 15, Check Who All Have to Pay Advance Tax

Your financial calendar already has a very important date marked: June 15, 2025. It's only the beginning of June. That's the last day to pay the first advance tax payment for the fiscal year 2025–26. "This isn't for me because I'm not a business," you might be thinking. This is for you if your expected tax liability is more than ₹10,000, no matter if you're a salaried worker with rental income, a freelancer, or a full-fledged business owner.

Kind Attention Taxpayers!

1st instalment of Advance Tax for FY 2025–26 is due by 15th June 2025.

Plan Smart. Pay Advance Tax. pic.twitter.com/8h99QJ8JjP

— Income Tax India (@IncomeTaxIndia) June 13, 2025

What is Advance Tax?

With Advance Tax, also known as the "pay-as-you-earn" tax, you don't have to wait until March or tax season to pay your charges. Taxes are paid in parts throughout the year, based on how much money you think you will make. This not only helps the government keep steady income, but it also makes it easier for you to plan your finances.

The first big date? June 15, which is the due date for paying 15% of your expected tax.

Who is going to pay?

Note June 15 on your calendar for the following people:

• People who get paid a salary and also make money from interest, stock gains, or rent
• Staffing firms and freelancers
• Business leaders, new businesses, and MSMEs
• Business and LLPs
• In India, NRIs who make money are taxed on it.

If your expected tax bill after TDS is more than ₹10,000, you have to pay it.

Why not going will cost you If you miss the date, you might have to pay more than just taxes. Interest is charged for late or inadequate advance tax payments under Sections 234B and 234C of the Income Tax Act. That means each delay cuts into the money you get back.

What should you do now?

• Find out how much money you make from all sources each year.
• Take out all the TDS that companies and banks are supposed to take out.
• Find the net amount of tax you owe.
• Use Challan 280 on the Income Tax site to pay 15% of this by June 15.
• Seniors, take it easy (mostly).

People aged 60 and up who are not running a business or job are not required to pay advance taxes. Take a deep breath if that's you.

It might sound like a pain to pay taxes ahead of time, but it's actually a lifesaver when it comes to money. By splitting your taxes into three equal payments, you can avoid stress at the end of the year, make better budgets, and be more compliant.

Don't forget about this Income Tax News. June 15 isn't just another summer day; it's the first big step toward a year with good money.