When is advance tax payable
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As the name suggests, 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 if your 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.
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Due Date Advance Tax Payable
On or before 15th June 15% of advance tax
On or before 15th September 45% of advance tax less advance tax already paid
On or before 15th December 75% of advance tax less advance tax already paid
On or before 15th March 100% of advance tax less advance tax already paid
Explanation:
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