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Advance Tax

The Indian Income Tax system functions on the rule that you pay Income Tax on a quarterly basis, on the basis of estimated income in the entire year. If you are salaried, this is not an issue, since your employer would deduct TDS from salary every month. But if you have other sources of income like capital gains or professional income, you need to calculate and pay tax on this income every quarter, as per the schedule given below. This quarterly payment of Income Tax on the basis of estimated receipts is called Advance Tax.

Deadline

Payment schedule (for individuals)

15 September

30%

15 December

30% (total 60%)

15 March

40% (total 100%)

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