Meaning
Advance Tax is a method of paying income tax in installments throughout the financial year.Definition
It requires taxpayers to deposit a part of their total tax liability periodically, instead of a single payment at year-end, to avoid penalties.Applicability and Calculation
Applicable to individuals and entities whose estimated tax liability exceeds ₹10,000. It’s calculated based on your projected income for the current financial year.Payment Due Dates
Installments are due by June 15 (15%), September 15 (45%), December 15 (75%), and March 15 (100%) of the financial year.Author
