Advance Tax Payment, March 3 -- If you earn income other than your salary or have multiple sources of income, you must keep in mind that the deadline to pay advance tax is approaching. Missing the payment of advance tax or its underpayment can lead to penalties that can quietly accumulate over time and then hit you all at once during the end of the tax year.

The Income Tax Act, 1961, follows a pay as you earn approach, and therefore it is important to strictly adhere to the Advance Tax payment deadline on 15 March. But before that, understanding advance tax and how it needs to be paid is important so that you do not make any mistakes.

Here is everything you need to know about what is advance tax, when is advance tax deadline, what are t...