Hi there! 
If it feels like the year is flying by, your calendar isn’t lying – we’re in the final lap of Tax Year 2025–26. While the end of March is usually the big deadline everyone talks about, the date to watch is this Sunday, March 15th. That’s when the fourth and final installment of advance tax is due.
If you’re a salaried professional whose tax is fully covered by TDS, you can probably breathe easy. But if you’ve had a side-hustle, booked some stock market gains, or earned rental income where TDS didn’t fully cover the tax, this is something to check. When your total tax liability for the year exceeds ₹10,000, you need to pay advance tax.
It’s much better to do the math now than see an inflated tax & interest when filing your ITR later.
The rest of this edition looks at a different kind of oversight – one that’s easy to miss because a few familiar forms have changed names. Form 67 is now Form 44, Form 15CA became Form 145, and Form 15CB is now Form 146. Chill, if your money crossed borders this year, through foreign dividends, tuition transfers, or income taxed abroad – at least one of these forms may apply to you.
Here are the threads worth your time this week.
TOP THREADS
How much advance tax do I have to pay?
Your advance tax depends on your total tax liability for the year. If it exceeds ₹10,000, you must pay it in four quarterly instalments. As we’re in the final quarter of the Tax Year, it’s essential to ensure that at least 90% of your tax liability is paid by 15th March. To calculate your advance tax, you need to…Continue Reading
I work for a US-based company. Do I need to pay tax in India too?
If you’re working remotely for a US-based company and getting paid in dollars, tax might already be deducted before paying you. But as a resident in India, you have to report that income here as well. So to avoid being taxed twice, you can claim the tax paid abroad by…Continue Reading
Do I need to report payments for sending money abroad?
When sending money out of India for tuition fees, freelance work or payments to foreign companies, you need to file Form 145 before making the transfer. This only applies when the transfer is taxable and being sent to…Continue Reading
When do I need a CA certificate for making foreign payments?
If you’re sending a big payment outside India, banks may ask for a CA certificate – Form 146. It is issued by your Chartered Accountant to confirm that TDS has been correctly calculated and deducted when the transfer exceeds…Continue Reading
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FAQs
My employer deducts TDS. Do I still need to pay advance tax?
Possibly. TDS only covers your salary income. If you earned rent, dividends, capital gains, or freelance income on top of that, and the total tax liability exceeds ₹10,000, you’ll need to pay advance tax.
What happens if I don’t pay advance tax instalment?
If you default on paying advance tax, the Income Tax Department charges interest at 1% per month or part of the month on the outstanding amount until it’s fully paid.
Can I claim foreign tax paid abroad if I skip Form 44?
If you’ve paid tax abroad, you can get credit in India under the DTAA to avoid double taxation. But the ITD requires Form 44 to claim Foreign Tax Credit when filing your ITR.
RESULTS FROM LAST DIGEST
Which form summarises your salary and the TDS deducted by your employer?
A) Form 124 (20%)
B) Form 130 (50%) 
C) Form 168 (20%)
D) Form 138 (10%)
50% of people chose the right answer. Well done!