• Advance tax means tax paid in the financial year immediately preceding the Assessment year (i.e. Previous year). Advance tax shall be calculated by estimating the current year income and then applying tax rate.

• Assessee is required to pay Advance tax only if his liability for advance tax is Rs. 10,000 or more.

• Resident Senior citizen not having income under "PGBP" shall not be required to pay advance tax.

• Due date of Advance tax are as follows:

upto 15th June of Previous year - upto 15% of advance tax liability

upto 15th September of Previous year - upto 45% of advance tax liability

upto 15th December of Previous year - upto 75% of advance tax liability

upto 15th March of Previous year - upto 100% of advance tax liability

Note: If assessee opts for presumptive taxation (i.e. Section 44AD or Section 44ADA) then due date is 15th March of Previous year (100% of Advance tax in 1 installment)