Advance tax means tax paid in the financial year immediately preceding the A.Y. (i.e., PY)
As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more shall pay his tax in advance in the form of advance tax
As discussed above, every person whose estimated tax liability for the year is Rs. 10,000 or more is liable to pay advance tax. However, a resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax.
Due Dates of Advance tax for all Assessee
Due Dates Amount of Advance Tax
Upto 15th June of PY Upto 15% of advance tax liability
Upto 15th sept of PY Upto 45% of advance tax liability
Upto 15th Dec of PY Upto 75% of advance tax liability
Upto 15th March of PY Upto 100% of advance tax liability
If assessee opts for sec 44AD/ADA(presumptive PGBP) then due date of Advance tax is 15th March of PY(only one instalment)
