Every individual tax assessee whose estimated tax liability for a financial year (FY) exceeds ₹10,000 may need to pay advance tax. So if you need to pay advance tax, do so before the deadline, as failure to comply can attract interest on the due amount. Advance tax liabilityAccording to Section 208 of the Income-tax Act, 1961, every individual tax assessee whose estimated tax liability for an FY exceeds ₹10,000 has to pay advance tax. According to Finance Bill 2016-17, an individual assessee has to pay advance tax in four instalments, instead of three earlier. Once you have the idea of amount you have to pay as advance tax, you can pay it online as well as offline.

Source: Mint June 12, 2019 08:37 UTC