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    When Liability for payment of advance tax arises and how it’s calculated and paid?

    Answered 21-Oct-2022

    Under section 208, obligation to pay advance tax arises in every case where the estimated tax liability is Rs.10000 or more.

    ??Advance tax is to be paid in instalments as given below:??

    Status

    By 15thjune

    By 15th sept

    By 15th Dec

    By 15th March

    All assessees (other than the eligible assessee as referred to in Section 44AD or section 44ADA)

    Minimum 15% of advance tax

    Minimum 45% of advance tax

    Minimum 75% of advance tax

    Minimum 100% of advance tax

    Taxpayers who opted for presumptive taxation scheme of section 44AD or section 44ADA

    Nil

    Nil

    Nil

    Minimum 100% of Advance tax

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