Advance tax, popularly known as ‘pay-as-you-earn’, is the practice of making periodic payments toward an estimated income tax liability. This system is mandatory for taxpayers whose estimated tax liability is equal to or exceeds INR 10,000 during the financial year.

Advance Tax: Exceptions for Payment
Senior Citizens: Individuals at the age of 60 years and above, who do not have income from business or profession are not required to make advance tax payment.

Salaried Individuals: Salaried individuals not having any other sources of income apart from salary are exempt from making advance tax payment.

Taxpayers Opting for Presumptive Taxation Scheme: who files their ITR under presumptive scheme (44ADA) end up paying Interest for non -payment of Advance Tax.
Note that persons filing ITR u/s. 44ADA are required to pay advance tax @100% of tax liability before 15th March.

Advance tax due dates
The due dates and payment schedules differ based on whether you are a company, a business owner, or a self-employed individual. Here’s a breakdown of the advance tax payment timelines: