Presumptive income and advance tax obligations

CA V.K. Subramani

The concept of paying advance tax is 'pay as you earn'. Which means the taxpayer can split his tax liability in four instalmets viz; 15% on or before 15th June; 45 % on or before 15th September; 75% on or before 15th December and 100% before 15th March of the previous year. Also, any tax paid before 31st March would be treated as advance tax which would help to restrict interest computation under section 234B.