Just like I spread butter uniformly over bread, I need to pay my taxes uniformly during the year I earn. The tax department says I should pay my taxes in the form of Advance Tax in 4 instalments during the year, by estimating the income I am earning during the year.
These are paid on or before :
15 Jun (cumulative 15%)
15 Sep (cumulative 45%)
15 Dec (cumulative 75%)
15 Mar (cumulative 100%)
I need to know these % are of what. They are not % of Total Tax due, they are % of Total Tax due Less Tax Deducted at Source.
But all are not required to pay advance tax. If my Total Tax Due Less Tax Deducted at source is less than Rs.10,000, then I need not pay advance tax and can pay my taxes after year end at the time of filing tax return.
Similarly, if I am a senior citizen, not doing any business, whatever my Total Tax Due Less Tax Deducted at Source comes to (more than or less than Rs.10,000), I am exempt from requirement of paying advance tax and can pay my taxes at the return filing time.