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Advance tax rules: Who must pay, who is exempt and how quarterly deadlines work – The Times of India

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Advance tax rules: Who must pay, who is exempt and how quarterly deadlines work – The Times of India


If your net income-tax liability exceeds Rs 10,000 in a financial year, you are required to pay advance tax in four installments as per the Income Tax Act, 1961. Net tax liability refers to the estimated tax due after adjusting for TDS. While this rule applies to most taxpayers, the law also provides key exemptions for specific categories of individuals.Under Section 211 of the Act, advance tax is payable in four quarterly tranches between June 15 and March 15 of the same financial year. Taxpayers under the presumptive taxation scheme, however, are allowed to make a single consolidated payment by March 15, according to an ET report.Chartered Accountant Bharat D Sarawgee of NRI Nivesh said resident senior citizens aged 60 and above are fully exempt from paying advance tax if they do not have income from business or profession. “This holds true even if their total tax liability exceeds Rs 10,000; no advance tax is required for such senior citizens,” he said.Salaried individuals whose tax liability is entirely covered by TDS also do not need to pay advance tax, provided they have no other taxable income apart from salary income.

Advance tax payment on incomes that can’t be estimated in advance

Some incomes cannot be projected ahead of time, and the Act allows taxpayers to pay advance tax on such income in the next quarter after the income is actually earned. Capital gains on listed equity shares are a common example.“Individuals having certain specific income sources are exempted from payment of advance tax in advance. The advance tax on these incomes can be paid in the next quarter,” said Chartered Accountant Manas Chugh, head – regulatory services at Osgan Consultants, ET quoted him as saying.According to the law, advance tax for the following income categories may be paid in the subsequent quarter:

  • (a) Capital gains
  • (b) Winnings from lotteries, crossword puzzles, races including horse races, card games and other games
  • (c) Income under the head “Profits and gains of business or profession” when such income arises for the first time
  • (d) Dividend income (excluding deemed dividends)

Chugh added: “The first proviso of sub-section (1) of Section 234C aims to shield taxpayers from the imposition of penal interest in situations where the precise calculation of advance tax liability is not feasible. Therefore, in the above-mentioned incomes, advance tax is required to be paid only when the actual income is earned.”

Advance tax deadlines for FY 2025-26 (AY 2026-27)

Due date Advance tax payable
On or before June 15 15% of net estimated tax liability
On or before September 15 45% minus tax already paid
On or before December 15 75% minus tax already paid
On or before March 15 100% minus tax already paid

For FY 2025-26, the four installments fall on June 15, September 15, December 15, and March 15.A crucial point is that advance tax is payable only if the net tax liability after TDS exceeds Rs 10,000. If the net liability is below this threshold, advance tax is not mandatory. If it is Rs 10,000 or more, advance tax must be paid.





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Ads for British beef and milk banned following Chris Packham complaint

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Ads for British beef and milk banned following Chris Packham complaint



Two ads promoting British beef and milk have been banned after television presenter and environmental campaigner Chris Packham complained that they misled consumers about the products’ carbon footprints.

Both ads for the Agriculture and Horticulture Development Board’s (AHDB) Let’s Eat Balanced campaign used the carbon footprint of British beef and milk to promote the products, firstly stating: “British beef not only tastes great, but has a carbon footprint that’s half the global average*.”

The asterisk linked to text that stated: “Full lifecycle emissions of CO2 eq (carbon dioxide equivalent) per kg of beef.”

The ad for milk stated: “British milk not only tastes good, but is also produced to world-class standards, and has a carbon footprint a third lower than the global average.”

Packham complained to the Advertising Standards Authority (ASA) that the ads, and specifically the carbon footprint claims, were misleading as they did not reflect the full environmental impact of British meat and dairy.

The AHDB said the ads’ mention of carbon emissions would be understood in relation to the environmental impact of beef and milk that occurred between the “cradle-to-retail” stages.

But the ASA said the average consumer “being reasonably well-informed, observant and circumspect” would understand the claims to apply beyond the retail stage and include actions such as cooking and wastage.

The ASA said: “While we acknowledged the potential difficulties in producing post-retail emissions data, the claims in the ads suggested those emissions were included and we therefore expected the evidence provided to also include them.

“We therefore concluded that the evidence presented was insufficient to support the full life-cycle claims in the ads, which was how the average consumer was likely to interpret them.

“We reminded AHDB that environmental claims should be based on the full life cycle unless the ad stated otherwise.”

AHDB’s director of communications and market development, Will Jackson, said: “Let’s Eat Balanced is doing what it was designed to do, providing clear, factual, evidence-led information about British food, nutrition and farming standards.

“Since the investigation began, we have conducted independent consumer research which found that the majority of respondents interpreted these adverts as relating to the production phase only, from farm to retail.

“This research provides important insight into consumer understanding and supports our belief that consumers were not misled by the information we shared in these two specific adverts.”



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Gen Z pros embrace ‘portfolio careers’ as side hustles surge – The Times of India

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Gen Z pros embrace ‘portfolio careers’ as side hustles surge – The Times of India


BENGALURU: India’s Gen Z workforce is embracing what experts describe as “portfolio careers” – balancing multiple professional identities and income streams simultaneously. New research from LinkedIn shows that 75% of Gen Z entrepreneurs in India now manage multiple income streams, significantly higher than the 62% among Gen X entrepreneurs. The findings point to a growing preference among younger professionals for flexibility, autonomy and diversified sources of income. “We’re also seeing the rise of the ‘portfolio era’, with more professionals creating multiple income streams and redefining what a career can look like. This shift is making entrepreneurship more accessible than ever before,” said LinkedIn India country manager Kumaresh Pattabiraman.Rather than depending on a single full-time role, many professionals are simultaneously building businesses, freelancing, consulting, creating online content and monetising specialised skills through digital platforms. The trend comes amid a broader rise in entrepreneurial activity in India. LinkedIn recorded a 104% year-on-year increase in members adding “Founder” to their profiles – the highest growth among all global markets.AI is also emerging as a major enabler of this shift. The report found that 85% of Gen Z entrepreneurs consider AI and digital tools important to their business operations.



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Elon Musk said control of OpenAI should go to his children, Sam Altman tells jury

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Elon Musk said control of OpenAI should go to his children, Sam Altman tells jury



Sam Altman said Elon Musk tried many times for total control of OpenAI, which he’s now suing.



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