Taxpayers are required to settle 75% of their advance tax obligation by December 15, 2024. Advance tax, commonly called income tax paid in advance for earnings within the same financial year, is an integral part of tax compliance. Often called ‘pay-as-you-earn’ tax, individuals and businesses with a tax liability of Rs 10,000 or more in […]
Tag: Advance Tax Payment
What is Advance Tax and Due Dates for Advance Tax Payment
What is Advance Tax? Section (208) of the Income tax act, 1961 defines “Advance Tax” which means any tax that is paid before the end of the financial year. An assessee earning an income of more than Rs. 10,000 and above in a financial year is liable to pay advance income tax. Rather than receiving […]