Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:
a) In case of all the assessees (other than the eligible assessees as referred to in section 44AD and 44ADA) :
- Up to 15 per cent – On or before 15th June
- Up to 45 per cent – On or before 15th September
- Up to 75 per cent – On or before 15th December
- Up to 100 per cent –On or before 15th March
b) In case of eligible assessee as referred to in section 44AD and 44ADA:
Up to 100 per cent – On or before 15th March
Note: Any advance tax paid on or before 31st day of March shall also be treated as paid during the same financial year.
The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.