Schedule IT – Details of Advance Tax and Self-Assessment Tax Payments

Section 210 and Section 140A of the Income-tax Act, 1961

Advance Tax is required to be paid in the year in which the income is earned. It is 'pay-as-you-earn' tax scheme. It is levied by the Income Tax Department to regularise the receipt of taxes from the assessee. Assessee have to pay the taxes in advance on quarterly basis; such tax paid is called Advance Tax.

'Self-assessment' means, before submitting the Income-tax return, the assessee shall himself accurately compute the taxable income and tax or interest payable thereon. If he fails to discharge such obligations, he shall be deemed as assessee-in-default.

This schedule applies to ITR-1 to ITR-7.