New Delhi, March 16 -- Taxpayers who missed the final advance tax instalment deadline on 15 March still have options to limit the financial impact. While the Income Tax Act requires individuals to pay their tax liability in scheduled instalments during the financial year, missing the deadline does not close the window entirely.

However, it is important to note that delays can attract interest under Sections 234B and 234C of the Income Tax Act. Therefore, taxpayers are advised to clear their dues on time to avoid additional interest and other complications.

Advance tax must be paid by all individuals and entities whose net tax liability remains even after accounting for tax deducted at source (TDS), tax collected at source (TCS), and tax...