|•||No Advance Tax need to be paid, if the total tax payable for the year is less than Rs.10000/-.|
|•||When employer deducts tax from Salary, an employee need not pay Advance Tax.|
|•||A Senior Citizen (above 60 years), not having any income under business or profession need not pay Advance Tax.|
|•||Non payment or short payment of Advance Tax will attract interest.|
Payment of Advance Tax on the estimated Taxable Income by all Assessees (Other than companies)
If an Assessee’s estimated tax payable for the full year is Rs.30000/-, he has to pay an Advance Tax of Rs.9000/- each in 1st and 2nd installment and Rs.12000/- in final installment.