Advance Tax Calculator & Installment Schedule

Advance Tax Calculator & Installment Schedule Advance Tax Computation under Sections 208 to 211 Under the Income-tax Act, 1961, Advance Tax (popularly known as the “pay-as-you-earn” scheme) requires taxpayers to pay their income tax in quarterly installments throughout the financial year rather than as a lump sum at the year-end. Who is Liable to Pay Advance Tax? (Section 208) Under Section 208, every taxpayer whose estimated net tax liability for the financial year exceeds ₹10,000 (after accounting for TDS/TCS and rebates) is legally obligated to pay advance tax. Exemption for Senior Citizens: Resident individuals aged 60 years or older who do not have any income from business […] Read Full Article: Advance Tax Calculator & Installment Schedule