June 15 Tax Deadline: Are You Required to Pay?
June 15 is the first advance tax instalment deadline for FY 2026-27. If your total tax liability exceeds ₹10,000 this year, you must pay 15% of it by June 15 — or face interest penalties. Know if you qualify.
Missing advance tax can cost more than 3 months of your chai budget in interest alone.
You could owe this if you miss your June 15 advance tax deadline
Key Takeaways
Estimate your total income for FY 2026-27 now — include salary, freelance, rent, capital gains, and interest income — to check if you cross the ₹10,000 tax threshold.
Calculate 15% of your expected net tax liability and pay it on the Income Tax e-filing portal (incometax.gov.in) under 'Pay Taxes Online' using Challan 280 before June 15.
If you are a salaried employee whose employer deducts TDS fully, verify your Form 16 projection — if TDS covers your full liability, you likely owe nothing extra on June 15.
June 15 is the first advance tax instalment deadline for FY 2026-27. If your total tax liability exceeds ₹10,000 this year, you must pay 15% of it by June 15 — or face interest penalties. Know if you qualify.
Here's what happened: June 15, 2026 is the first of four advance tax instalment deadlines for FY 2026-27, requiring 15% of estimated annual tax liability.. Any taxpayer with an expected tax liability above ₹10,000 after TDS deductions must pay advance tax in quarterly instalments.. Senior citizens aged 60 or above who have NO income from business or profession are fully exempt from paying advance tax..
What you should do: Estimate your total income for FY 2026-27 now — include salary, freelance, rent, capital gains, and interest income — to check if you cross the ₹10,000 tax threshold.. Calculate 15% of your expected net tax liability and pay it on the Income Tax e-filing portal (incometax.gov.in) under 'Pay Taxes Online' using Challan 280 before June 15.. If you are a salaried employee whose employer deducts TDS fully, verify your Form 16 projection — if TDS covers your full liability, you likely owe nothing extra on June 15..
Missing or underpaying advance tax triggers 1% simple interest per month under Section 234B and 234C — that adds up fast on a ₹50,000 liability over three quarters.
Check Your Tax Liability
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- [1]“Advance tax deadline on June 15: Who should pay, who is exempt and do senior citizens need to pay?” mint - money · 12 Jun 2026
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