Explain the provisions relating to advance payment of income-tax and its due date under Income Tax Act, 1961.

As per section 208 of Income Tax Act, 1961, Advance Tax, shall be payable during a financial year, only when the amount of such tax during that year is ₹ 10,000 or more. In order to reduce the compliance burden on senior citizen who does not have income chargeable under the head of profits and gains from business or profession are not required to pay advance tax. Due Dates for Payment of Advance Tax Due date of instalment Amount Payable On or before the 15th June Not less than 15% of such advance tax. On or before the 15th September Not less than 45% of such advance tax, as reduced by the amount, if any paid in the earlier instalment. On or before the 15th December Not less than 75% of such advance tax, as reduced by the amount or amounts, if any paid in the earlier instalment or instalments. On or before the 15th March 100% of such advance tax, as reduced by the amount or amounts, if any paid in the earlier instalment or instalments. Note: A person covered u/s 44AD or 44ADA of the Income tax Act, 1961, is required to pay 100% advance tax upto 15th March of the Financial Year.