Last date of itr 31 july 2018, so what is four installment of advance tax means?, Income Tax

[Amit Bansal]

According to the income tax department payment of advance, are according to four installments as below:

Due Date	Advance tax Payable
On or before 15th June	15% of estimated Advance Tax
On or before 15th September	45% of estimated Advance Tax
On or before 15th December	75% of estimated Advance Tax
On or before 15th March	100% of estimated Advance Tax

The last date for filling ITR is 31st July 2018, on that date we are supposed to pay 100% tax liability. My question is how both are possible?

Posts / Replies

[DR.MARIAPPAN GOVINDARAJAN]

As indicated by you it is the 100% estimated Advance tax but not actual advance tax, You can assess the actual income after 31.03.2018 only. If you pay advance tax in excess you can claim refund.