Tax
Advance tax
Paying your income tax in installments through the year instead of one lump sum at the end.
If your total tax for the year is likely to exceed ₹10,000 after TDS, you must pay advance tax in quarterly installments.
It mainly affects freelancers, business owners, and anyone with big income outside salary, like capital gains.
Miss the installments and you owe interest penalties under sections 234B and 234C.
For example
A freelancer expecting ₹80,000 tax must pay it across four dates through the year, not all at once next July, or face interest.