Who has to pay advance tax and what are the due dates?
Who has to pay advance tax and what are the due dates?
1 Answer
Aicountly Income Tax Desk
Compliance
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Advance tax applies if your estimated tax liability for the year, after TDS, is Rs 10,000 or more. Resident senior citizens without business income are exempt. It is paid in instalments: 15% by 15 June, 45% by 15 September, 75% by 15 December and 100% by 15 March of the financial year.
Taxpayers on the presumptive scheme under section 44AD or 44ADA can pay the whole amount in a single instalment by 15 March. Short or late payment attracts interest under sections 234B and 234C. Confirm the figures for your own case with your CA or tax advisor.
Aicountly Income Tax Desk · 2h ago
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