A person whose estimated income-tax liability for the year is ₹10,000 or more is liable to pay advance tax, in four instalments (15 per cent by 15 June, 45 per cent by 15 September, 75 per cent by 15 December, 100 per cent by 15 March). A resident senior citizen without income from business or profession is not so liable. Interest under sections 234B and 234C is the cost of missing it. Dates are on the calendar.
Answer
Who must pay advance tax?
Every person whose estimated tax for the year is ₹10,000 or more, with a relief for certain resident senior citizens without business income.