Due dates for payment of advance tax
Advance tax is to be paid in different instalments. The due dates for payment of different instalments of advance tax are as follows:
| Status | By 15th June | By 15th Sept. | By 15th Dec. | By 15th March |
| All assesses (other than the eligible assessee as referred to in Section 44AD or section 44ADA) | Up to 15% of advance tax | Up to 45% of advance tax | Up to 75% of advance tax | Up to 100% of advance tax |
| Taxpayers who opted for presumptive taxation scheme of section 44AD or section 44ADA | Nil | Nil | Nil | Upto 100% of
Advance tax |
Note 1: Any tax paid till 31st March will be treated as advance tax.
Note 2: If the last day for payment of any instalment of advance tax is a day on which the banks are closed, then the taxpayer should pay the advance tax on the immediately following working day
Mode of payment of advance tax
As per Rule 125 of the Income-tax Rules, 1962 a corporate taxpayer (i.e., a company) shall pay taxes through the electronic payment mode using the internet banking facility of the authorised banks.
Taxpayers other than a company, who are required to get their accounts audited, shall pay taxes through the electronic payment mode using the internet banking facility of the authorised banks.
Any other taxpayer can pay tax either by electronic mode or by physical mode i.e. by depositing the challan at the receiving bank.
Payment of advance tax
Advance tax can be paid by the taxpayer either on his own account or in pursuance of an order of the Assessing Officer.
The taxpayer who is liable to pay advance tax is required to estimate his current income and pay advance tax on his own account. In such a case, he is not required to submit any estimate or statement of income to the tax authorities.
After making payment of first or second or third instalment of advance tax (as the case may be), if there is a change in the tax liability, then the taxpayer can revise the quantum of advance tax in the remaining instalment(s) and pay the tax as per revised estimates.
Tax can be computed on the current income (estimated by the taxpayer) at the rates in force during the financial year. From the tax so computed, tax deducted or collected at source will be deducted and the balance tax payable will be used to compute the advance tax liability. Also, relief of tax allowed under section 90 or section 90A or any deduction under section 91 or any tax credit allowed to be set off as per section 115JAA or section 115JD shall also be deducted while computing the advance tax liability.