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All the assessees (other than company) are liable to pay the advance tax, in three installments during each financial year and the due date of each installment and the amount of such installment shall be as specified below:
| Â Due date of installment |
Amount payable |
| On or before the 15th September | 30% of such advance tax. |
| On or before the 15th December | 60% of such advance tax. (inclusive of first installment) |
| On or before the 15th March | 100% of such advance tax. (inclusive of earlier two installments) |
 In case of a Corporate assessee, the payment is to be made on quarterly basis:Â
| Â Due date of installment |
Amount payable |
| On or before the 15th June | 15% of such advance tax. |
| On or before the 15th September | 45% of such advance tax. (inclusive of first installment) |
| On or before the 15th December | 75% of such advance tax. (inclusive of earlier two installments) |
| On or before the 15th March | 100% of such advance tax. |
For the sake of simplicity and to avoid wrong calculation of advance tax, the income tax slab applicable to all residents for the FY 2011 – 2012 is provided below: Â
|
Particulars |
Slab |
Tax Rate |
|
Women assesses |
Up to 1,90,000 |
Nil |
| From 1,90,001 to 5,00,000 |
10% |
|
| From 5,00,001 to 8,00,000 |
20% |
|
| Above 8,00,000 |
30% |
|
|
Senior Citizen (60 years & upto 79 years) |
Up to 2,50,000 |
Nil |
| From 2,50,001 to 5,00,000 |
10% |
|
| From 5,00,001 to 8,00,000 |
20% |
|
| Above 8,00,000 |
30% |
|
| Â | ||
|
Other assesses |
Up to 1,80,000 |
Nil |
| From 1,80,001 to 5,00,000 |
10% |
|
| From 5,00,001 to 8,00,000 |
20% |
|
| Above 8,00,000 |
30% |
|
| Â | ||
|
Very Senior Citizen (80 years & above) |
Up to 5,00,000 |
Nil |
| From 5,00,001 to 8,00,000 |
20% |
|
| Above 8,00,000 |
30% |
 Hence it can be seen that the deadline for payment of advance tax is fast approaching, so it is advisable that the tax should be calculated wisely on the estimated income and it should be paid by 15th of December to avoid any interest liability. If advance tax is not paid in full for installments falling due on15th December, interest @1% on the short amount for 3 months is to be paid u/s 234C. So, plan your investment, compute your proper income tax on your earned income and pay your advance tax within the due date.
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