Every person whose estimated tax liability for the year is Rs.10,000 or more is required to pay advance tax. (Section 208).

A resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax. (Section 207).

Assessee has to estimate his income for the current financial and compute tax there on as per rates in force for the financial year. This computed tax shall be reduced by taxes deducted or collected at source. (Tax referred to as estimated annual tax).

Due dates for payment of advance tax:

1. By 15th of June :  to pay not less than 15% of estimated annual tax as  advance tax.

2. By 15th of September :  to pay not less than 45% of estimated annual tax as advance tax as reduced by amount, if any, paid in earlier installment.

3. By 15th of December :  to pay not less than 75% of estimated annual tax as advance tax as reduced by amount, if any, paid in earlier installments.

4. By 15th  of March :  to pay 100% of estimated annual tax as advance tax as reduced by amount, if any, paid in earlier installments.

For taxpayers who have opted for presumptive taxation scheme of section 44AD or section 44ADA have to deposit 100% of estimated annual tax as advance tax by 15th of March of the financial year.

Note: Any amount paid by way of advance tax on or before 31st March shall also be treated as advance tax.