Advance Tax is a system of staggered payment of income tax liability in advance during the financial year itself, rather than making a lump sum payment at the end of the year. It is applicable to individuals, including salaried individuals, professionals, and businesses, whose tax liability for the financial year exceeds a certain threshold.

Here are some key details about Advance Tax:

### 1. **Applicability:**
– Individuals, including salaried individuals, professionals, and businesses, are required to pay advance tax if their total tax liability for the financial year exceeds Rs. 10,000.

### 2. **Due Dates for Advance Tax Payment (For Individuals):**
– **15% by June 15th of the financial year**
– **45% by September 15th of the financial year**
– **75% by December 15th of the financial year**
– **100% by March 15th of the financial year**

### 3. **Due Dates for Advance Tax Payment (For Businesses):**
– For businesses, the due dates may vary based on the type of business entity. It is usually recommended to pay advance tax in four installments.

### 4. **Calculation of Advance Tax:**
– Advance Tax is calculated based on the estimated total income for the financial year, taking into account income from all sources, deductions, and exemptions.

### 5. **Presumptive Income Scheme:**
– Certain professionals and businesses can opt for the Presumptive Income Scheme under Sections 44ADA and 44AE, where advance tax is payable in one installment.

### 6. **Consequences of Non-payment or Underpayment:**
– Non-payment or underpayment of advance tax may attract interest under Section 234B and Section 234C of the Income Tax Act.

### 7. **Mode of Payment:**
– Advance Tax can be paid online through the official Income Tax Department website using the Challan 280.

### 8. **Challan 280:**
– Challan 280 is used for payment of advance tax, self-assessment tax, and regular assessment tax. It is available online, and taxpayers need to select the appropriate code for advance tax payment.

### 9. **Filing of Income Tax Return:**
– Taxpayers who have paid advance tax are required to file their income tax returns for the assessment year by the due date.

### 10. **Professional Advice:**
– Taxpayers are advised to seek professional advice to accurately calculate advance tax liability based on their specific financial situation.

### 11. **Senior Citizens (60 years and above):**
– Senior citizens not having income from business or profession are not liable to pay advance tax.

It’s important for taxpayers to plan their finances and comply with the advance tax payment requirements to avoid penalties and interest. The rules and regulations may change, so it’s advisable to refer to the latest guidelines and consult with a tax professional for personalized advice.