Advance tax: Pay your second installment by September 15 to avoid penalties

• Many think advance tax is only for businesses, but individuals with tax liability over Rs 10,000 must pay too.
• The second installment for FY 2024-25 is due on September 15.
• Salaried individuals must consider other incomes like interest and capital gains when estimating tax.
• Advance tax is paid in four installments: June 15, September 15, December 15, and March 15.
• Missing deadlines results in penalties, including 1% interest per month on unpaid amounts.

Source: Moneycontrol