PREPAID TAX

This discussion clarifies the rules around advance tax payments in India. It explains that advance tax is payable if your total tax liability exceeds Rs 10,000, not just your income. Payments are made quarterly based on estimated annual income, with specific due dates. The instalment system accounts for potential income fluctuations. Importantly, senior citizens (not engaged in business or profession) are exempt from advance tax, provided their total tax is paid before filing their return.