What is advance tax

Advance tax refers to income tax paid before the end of the financial year. If your estimated tax liability, after accounting for MAT, AMT, TDS, TCS, rebates, and relief, exceeds £10,000, you're likely required to pay it. Payments are due in instalments on 15th June (15%), 15th September (45%), 15th December (75%), and 15th March (100%). Failure to pay advance tax on time may result in interest charges under sections 234B and 234C.