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

[Amit Bansal]

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?

[DR.MARIAPPAN GOVINDARAJAN]

As indicated by you it is the 100% estimated Advance tax but not actual advance tax, You can assess the actual income after 31.03.2018 only. If you pay advance tax in excess you can claim refund.

AI Summary

Advance tax instalments require estimated staged payments; excess payments after true income determination are refundable. Advance tax is payable in instalments based on the taxpayer's estimated tax liability for the year; instalments may not match the final tax determined after the year-end. The ITR filing date is the date to file the return and make self-assessed payments to reconcile any underpayment, and any excess advance tax paid may be claimed as a refund.