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In basic terms, advance tax is the payment of income tax prior to the conclusion of the fiscal year.
The term “advance tax” refers to paying your taxes as soon as you get your income.
Instead of paying the tax all at once, you can pay it in instalments. This is advantageous to the government since it ensures a steady stream of income.
The government evaluates your tax responsibilities once the advance tax is paid. You will either have a tax surplus (refund) or a tax deficit depending on that amount.
Advance tax is available to freelancers, salaried taxpayers, corporations, and professionals.
The criteria are as follows: at least 15% by June 15th, at least 45 percent by September 15th, at least 75 percent by December 15th, and at least 100% by March 15th.
