Explanation
Advance tax applies under Section 208 of IT Act 1961 (§404 in IT Act 2025) to all taxpayers — individuals, firms, and companies — where total tax liability after TDS credits exceeds ₹10,000 in a year. Senior citizens with no business income are exempt. Instalments: 15% by 15 June, 45% cumulative by 15 September, 75% by 15 December, 100% by 15 March. Missing instalments attracts 1% per month interest under §234C (per instalment shortfall) and §234B (shortfall from 90% of assessed tax). For presumptive income (44AD/44ADA), the entire advance tax is payable in one instalment by 15 March. Verify on the income-tax portal before filing.