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What is Advance Tax?

Total Answers 1
Answer by: VISHAL BANSAL

Advance Income Tax means to pay your yearly income tax liability in installments. It reduces the excess burden of assessee’s at the end financial year. It is obligatory to pay advance tax in every case where the advance tax payable is Rs.10,000 or more in any financial year. Advance tax should be paid in the year in which the income is received. 

For example if your tax liability for the financial year 2018-19 is Rs. 50,000, you have to deposit your tax liability of income tax in installments on due dates at periodic intervals is called advance tax


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