Last date of itr 31 july 2018, so what is four installment of advance tax means?

According to the income tax department payment of advance, are according to four installments as below:

Due Date Advance tax Payable
On or before 15th June 15% of estimated Advance Tax
On or before 15th September 45% of estimated Advance Tax
On or before 15th December 75% of estimated Advance Tax
On or before 15th March 100% of estimated Advance Tax

The last date for filling ITR is 31st July 2018, on that date we are supposed to pay 100% tax liability. 

My question is how both are possible?

 

Replies (8)
It's up to 15 th March 2019 100% tax liability , you are paying Advance Tax for financial year 2018-19

Please Elaborate. 

You are paying Advance tax for current. Year 18-19 . 

If the Income tax liability of any tax payer  in more than Rs 10000/- in a Financial year , then he is  liable to pay advance tax in installments during the year itself rather than paying this tax at end of the year .

Ok, Now I have a tax liability of more than 10000 in FY 2017-18, I am supposed to pay taxes in four installments so why 31st July is the last date?

If your tax liability  for the year  2018-19  more than 10000/- , you are suppose to pay advance tax  in  4  installments   and last  date is  15th march  2019 . You are paying advance ta for current  year  2018-19  not for 2017-18 , as you mentioned above . 

Ok thanks, but we have to assume total tax liability of current year my first installment is on 15th June and I have to pay 15% of estimated Tax liability, which I have to assume on 15 June till 31 March.

Let's say my estimated assumption is 10000/-, On 15 June I paid 15% i.e. 1500/- as the first installment. 

Now on year completion, my tax amount goes to 13500/-, Now I have paid less amount in installments. So I have to pay penalty u/s 234B &C,

Why?

 

 

To help tax payer ,IT dept prepared an online tax calculator link - https: // www.incometaxindia.gov.in/pages / tools / advance-tax- calculator.aspx

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