If the total tax payable in a financial year is Rs. 10000 or more, then a person has to pay Advance tax. Advance tax meansincome taxshould be paid in advance instead of lump sum payment at year-end. You pay this tax in the financial year preceding the assessment year in four installme...
Are you liable to pay advance tax? Key points to know Summary: Section 208 of the Income Tax Act, 1961 mandates the payment of “advance tax” for every individual. Know what is advance tax and how is it calculated. 18 Jun 2022 by Team FinFIRST If your tax liability exceeds ₹10...