Last date for advance tax payments extended to March 18

The government on Friday extended the last date for payment of final installment of advance tax for financial year 2013-14 to March 18 from March 15 earlier.

"To facilitate payment of final installment of advance tax for the financial year 2013-14, the Central Board of Direct taxes has issued an order to extend the time limit to make such payments of advance tax, from March 15 to March 18,"

the finance ministry said in a statement.

Taxpayers, therefore, can now pay their advance tax installment by March 18, 2014 without entailing any consequential interest for deferment, it added.

Advance tax payment is a clear reflection of the health of a company in particular and the economy in general and a lower payout indicates their lower profitability.

Companies pay advance taxes in four installments.