Advance Tax

 

What is Advance Tax





1 Income tax that needs to be paid in instalments during the year instead of lump sum payment at yearend is known as advance tax or "pay as you earn tax".

2 If the total tax liability of any taxpayer is more than `10,000 in a financial year then he is liable to pay advance tax during the year.

3 Advance tax applies to all tax payers, salaried, freelancers and businessmen. Senior citizens not having any business income are exempt from payment of advance tax.

4 Advance tax is payable in instalments with 15% on or before 15 June, 45% on or before 15 September, 75% on or before 15 December and 100% of needs to be paid on or before 15 March.

5 For individuals with salary as the sole income, advance tax is taken care of by TDS deducted by the employer at the time of crediting salary.

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