(b) Assessees covered u/s 44AD are to pay advance tax of the whole amount in one instalment on or before the 15th March of the financial year.
Based on above amendments the advance tax related provision under income tax law is as under:
Advance tax (Section 208, 209 & 211)
Advance tax is payable on all income during the financial year in every case where the amount of such tax payable by an assessee during that year is Rs. 10,000 or more. Following is chart showing Advance Tax Liability for the A.Y. 2017-18:
Advance Tax Liability for All Assessee (other than covered under section 44AD of the I.T. Act 1961):
Resident individuals who are over 60 years of age and do not have income chargeable under the head ‘Profits and Gains of Business or Profession’ are not required to pay advance tax.