Advance tax refers to paying a part of your taxes before the end of the financial year. Also called ‘pay-as-you-earn’ scheme, advance tax is the income tax payable obligation to pay advance tax is arises in every case where the tax liability is more than Rs. 10,000 in a financial year. It should be paid in the year in which the income is received.

But in case of senior citizen not having any income chargeable under the head “income from business and profession

Installment of advance tax and due date

Advance tax payment schedule for both corporate and Non-corporate (other than assessee computing profit on presumptive basis)

Due date of installment	amount payable
On or before 15th June	Not less than 15% of advance tax liability
On or before 15th September	Not less than 45% of advance tax liability
On or before 15th December	Not less than 75% of advance tax liability
On or before 15th march	100% of advance tax (the whole amount - of advance tax liability)

Assessee computing profit on presumptive basis under under section 44AD (1) to pay advance tax by t15th of March

*presumptive business :- a taxpayer with total turnover/gross receipts of up to 200 Lakh where business income is assumed at 8% of turnover. However the presumptive rate of 6% of total turnover /gross receipts.

*Presumptive profession :- the profession of accountancy or technical consultancy or any other profession as is notified by the board in the office gazette. Whose gross receipt does not exceed 50 Lakh rupees in a previous year.

For taxpayers opting for presumptive taxation having business income from plying, hiring or leasing of goods carriages Section 44AE

Due Date	Advance Tax Payable
On or before 15th June	Not less than 15% of advance tax liability
On or before 15th September	Not less than 15% of advance tax liability
On or before 15th December	Not less than 15% of advance tax liability
On or before 15th March	100% of advance tax (the whole of amount of advance tax liability)

Computation of interest payable

If an assessee is liable to pay advance tax under section 208 has failed to pay such tax or less than specified percentage then simple interest @1% per month for the period specified on the shortfall.

Specified Date and specified percentage	Period of Interest	Amount on which Interest is calculated	Shortfall in advance tax
Advance Tax paid on or before June 15 15% of the advance tax	Simple interest @1% per month	3 months	15% of the advance tax less tax already deposited before June 15
Advance Tax paid on or before September 15 45% of the advance tax	Simple interest @1% per month	3 months	45% of the advance tax less tax already deposited before September 15
Advance Tax paid on or before December 15 75% of the advance tax	Simple interest @1% per month	3 months	75% of the advance tax less tax already deposited before December 15
Advance Tax paid on or before March 15 100% of the advance tax	Simple interest @1% per month	1 month	100% of the advance tax less tax already deposited before March 15

Note :- if advance tax paid by the on the current income on or before 15th June or 15th September, is not less than 12% or as case may be, 36% of the due on the returned income ,then the assessee shall not be liable to pay any interest on the amount shortfall on those dates.

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