The next Advance Tax installment for Assessment Year (AY) 2026-27, related to Financial Year 2025-26, is due by December 15, 2025. Taxpayers with total estimated tax liability of ₹10,000 or more after TDS/TCS should pay Advance Tax on time to avoid interest under sections 234B and 234C.

In terms of income tax, "unlimited liability" describes situations in which directors, partners, or other stakeholders might be held personally accountable for a company's outstanding tax debts. This blog explores the consequences, defenses, and preventive measures of Sections 167C, 179, and 188A of the Income Tax Act for partnership firms, private companies, and limited liability partnerships.

To empower you with a smooth start to the year, we present your comprehensive Tax Compliance Calendar for January 2024.