Assess whose tax liability after deducting TDS is greater than rs 10000 must pay advance tax in the previous year itself to avoid interest under section 234C

jas

B.Com

75 Points Joined November 2012

https://cleartax.in/s/advance-tax

JIJO YOHANNAN

Student CA Final

89 Points Joined September 2012

If your total tax liability is Rs 10,000 or more in a financial year you have to pay advance tax. Advance tax applies to all tax payers, salaried, freelancers, and businesses. Senior citizens, who are 60 years or older, and do not run a business, are exempt from paying advance tax.

Presumptive Businesses– Taxpayers who opt for presumptive scheme where business income is assumed at 8% of turnover of less than ₹2 crore are exempt from advance tax for FY2017-18.

JIJO YOHANNAN

Student CA Final

89 Points Joined September 2012

FY 2017-18 & FY 2016-17

For both individual and corporate taxpayers

Due Date	Advance Tax Payable
On or before 15th June	15% of advance tax
On or before 15th September	45% of advance tax
On or before 15th December	75% of advance tax
On or before 15th March	100% of advance tax