New Delhi, Dec 14 (KNN)  As the last day for paying the December instalment of Advance tax falls on Sunday, the Central Board of Direct Taxes (CBDT) has decided to allow such payments to be accepted till Tuesday, December-17.

"The banks are closed on December 15, 2013, being a Sunday. Accordingly, to facilitate payment of this instalment of Advance tax, the Central Board of Direct taxes ( CBDT) has issued an order to extend the time limit to make such payments from December 15, 2013 to December 17, 2013," the Finance Ministry said. 

Taxpayers, therefore, can now pay their advance tax instalment by December 17, 2013 without entailing any consequential interest for deferment, it added. 

Advance tax refers to paying a part of the taxes before the end of the financial year. Also called ‘pay-as-you-earn’ scheme, advance tax is the income tax payable if the tax liability of an individual is more than Rs 10,000 in a financial year. It should be paid in the year in which the income is received. (KNN/SD)