5.2. Assessee liable to pay advance tax-when [Sec.

2087:
Advancc tax shall be payable during a financial ycar in every casc
if the amount of such advanco
tax payable by the assessee that ycar is
during 10,000 or more.
tax as per the proVisions of scction
Even if a company is covered under MAT (i.e. liable to pay
115JB), the company shall be liable to pay advance tax if advance tax payable is * 10,000 or more
[Circular No. 13/2001 dated November 9, 2001 ].
Exemption from payment of advance tax: A resident senior citizen (i.c. who is of the age of
60 years or morc at any time during the previous ycar) having no income chargcablc undcr the head
Profits and gains of business or profession' shall be exempted from payment of advancc tax.
5.4. Due date of payment of advance tax [Sec. 211:
The provisions relating to payment of advance tax by way of instalments are discusscd bclow:

Due date of Anyassessee (corporate or non-corporate) other than

instalment the assessee mentioned below thetable
On or before 15th June of the
previous Not less than 15% of the advance tax payable.
year
 **

On or before 15th Scptcmber of the Not less than 45% of the advancc tax payable.
previouS ycar
On or before 15th December of the Not less than 75% of the advancc tax payable.
previous ycar
On or before 15th March of the previous Not less than 100% of the advancc tax payablc.
year

Exception : In casc of an assessce who declares profits and gains as pcr section 44AD(1) or
44ADA(I), as the case may be,100% of advancc tax shall have to be paid by him during cach financial
ycar on or bcíorc 15th March. In such a casc, payment of advance tax in four instalments as specificd
above is not compulsory.
Some relevant poins
1. Any amount paid by way of advance tax on or before March 31 shall also be trealcd as advance
tax paid during the financial ycar ending on that datc.
2. If the reeciving bank is closcd on the last day spccified for payment of any instalment of advance
tax, the assesscc can make the payment on the next day immcdiatcly following working day and
in such a case no interest under scction 234B and 234C will be charged.