Do I need to pay advance tax if I opt for the Presumptive Taxation Scheme under Section 44AD?
Hey @nachiketa ,
Yes. If the total tax liability for a financial year exceeds INR 10,000, you must pay advance tax. If you have opted for a presumptive taxation scheme u/s 44AD or 44ADA, you are required to pay advance tax on or before 15th March instead of 4 installments in other cases. However, if you fail to pay advance tax by 15th March of the financial year, interest is Sec 234B and Sec 234C is required to be paid.
Hope this helps