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Advance Tax under income Tax – An overview, due dates

SectionHeading particulars
 Section: 207 & 208  Liability & payment of Advance TaxAdvance tax shall be payable during a F. Y. in every case where the amount of such tax payable by the assessee during that year is Rs. 10000/- or more (after adjusting TDS/TCS)   However, no advance tax shall be payable by Senior citizen if he does not have any income chargeable under the head “Profits and gains of business or profession during the P.Y.
Section 209Credit of TDS & TCSThe amount of advance tax payable by a person is computed by reducing the amount of income Tax which would be deductible or collectible at source. Tax Deductible/Collectible but not so deducted/collected cannot be reduced for computing Advance Tax liability.
 Section -210Computation & Payment of Advance Tax    1. Advance tax may be payable on estimated income by the assessee.  
2. In the case of the person who has been already assessed by way of a regular assessment in respect of the total income of any P.Y., the AO, if he is of the opinion that such person is liable to pay advance Tax, can serve an order u/s 210(3) requiring the assessee to pay advance tax. For the purpose of computing advance Tax, AO may adopt the higher of the Following:
(a) Total income of the P.Y. in respect of which the assessee has been assessed under regular assessment.
(b) The total income returned by the assessee in any return of income for any P.Y. subsequent to the P.Y for which regular has been made  
3. Above order can be served by the AO at any time during the F.Y, but not later than last date of February.
4. If after the making of an order by the AO, but before 1st march of the F.Y, a return of income is furnished by the assessee u/s 139 or 142(1) or a regular assessment of the assessee is made in respect of any P.Y. later than that referred to in Point (3) above the AO may amend his order and require the assessee to pay advance tax based on the revised order as per the due dates specified u/s 211.
5. If AO estimation is more than assessee —— assessee will file form no. 28 declaring lower tax.
6. If less than the assessee, then assessee shall pay according to his estimated income as per installment u/s-211.
7. Net agriculture income if any shall be taken into Account.    
Section: 211Installment of Advance Tax  Due date of installment and amount payable for all the assessees, other than the assessee covered under section 44AD and 44ADA
On or before 15th June -Not less than 15%
On or before 15th September -Not less than 45% less already paid
On or before 15th December -Not less than 75% less already paid
On or before 15th March -100% less already paid
Assessee covered under section 44AD and 44ADA

On or before 15th March -100%

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