Advance Tax: Meaning, Due Dates, Calculation, Payment, Penal Interest, and some FAQs
Advance tax payments have to be made in installments on or before the due dates as provided by the department.
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Advance Tax
Advance tax payments have to be made in installments on or before the due dates as provided by the department.
Advance Tax- It means Income Tax, which needs to be paid by the assessee in advance before year-end. These payments have to be made in installments on or before the due dates as provided by the department. In this article, …
For every financial year, the assessee needs to pay tax in advance if his tax liability is expected to be Rs. 10,000 or more.
Under the Income Tax, If the tax liability of taxpayers is expected to be Rs. 10,000 or more than Rs. 10,000 for the respective financial year, then the assessee is required to pay the liability of Advance Tax.