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The following people are required to pay the advance tax:
1. Presumptive Income For Businesses: The taxpayers who have opted for the presumptive taxation scheme under section 44AD are required to pay the complete amount of their advance tax in one instalment before 15 March. The taxpayers falling in this category also have an option to pay all of their tax dues by March 31.
2. Presumptive Income For Professionals: The taxpayers who are independent professionals like doctors, and lawyers and come under the presumptive scheme under section 44ADA are required to pay the complete amount in one instalment on or before March 15. The taxpayers falling in this category also have an option to pay all of their tax dues by March 31.
3. Salaried, Freelancers And Businesses: If you’re a salaried person, a freelancer, or a businessman, and your total tax liability is Rs 10,000 or more in a financial year, you’ll be required to pay advance tax. However, senior citizens who do not run a business are exempt from paying advance tax.
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