Advance tax first instalment payment deadline: Who has to pay, penalty for missing last date

Advance tax payment: Individuals with a net income tax liability exceeding Rs 10,000 in any financial year must make advance tax payments. Net tax liability is the estimated tax amount after deducting the TDS (tax deducted at source) within the financial year. If your total tax liability after considering TDS is more than Rs 10,000, you are expected to pay advance tax.