Advance tax payment date extended till Tuesday

If the outstanding tax due is more than Rs 10,000, taxpayers pay it by way of advance tax

The finance ministry has extended the date for payment of advance tax's final instalment till Tuesday instead of Saturday. March 15 being a Saturday, banks are open only for half the day. "To facilitate payment of this instalment, the Central Board of Direct taxes (CBDT) has issued an order to extend the time limit," said the finance ministry.

If the dues are more than Rs 10,000, taxpayers pay these by way of advance tax. Advance tax is payable in three tranches — 30 per cent is to be paid by September 15 of the relevant financial year, next 30 per cent or 60 per cent  by December 15 and the remaining 30 per cent or 100 per cent by March 15. Taxpayers can make advance tax payments in designated branches of the authorised banks, electronically or physically.