PAYMENT OF ADVANCE TAX

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)

InstallmentPercentageDue Date
First30%15th September
Second30%15th December
Final40%15th March


Example :
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.

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