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.
Post Disclaimer
Information provided on this website is for Educational & Informational purposes only and is not considered to be advice or recommendation of any kind whatsoever. Anyone who wishes to apply the concept & ideas contained in this shall take full responsibility. Readers should always do their own diligence on any information perceived from this site to form their own opinion and best judgments. Any action you take upon the information you find on this website (letsthinkwise.com), is strictly at your own risk.