Advance Tax

Payment Dates for Advance Tax:

14th September
14th December
14th March

Now what exactly is advance tax.

As the name suggests Advance Tax is basically the tax you pay in advance on the basis of your assessed income. For example I expect to earn 10 lakh in current financial year then I pay tax on this estimated income.

I can pay it on either of 3 dates.

Just wondering why do we need something like advance tax.