{"id":129,"date":"2022-02-10T08:22:58","date_gmt":"2022-02-10T08:22:58","guid":{"rendered":"https:\/\/komplytek.com\/blogs\/?p=129"},"modified":"2022-02-10T08:29:05","modified_gmt":"2022-02-10T08:29:05","slug":"advance-tax-definition-and-due-dates","status":"publish","type":"post","link":"https:\/\/komplytek.com\/blogs\/advance-tax-definition-and-due-dates\/","title":{"rendered":"Advance Tax Definition and Due Dates"},"content":{"rendered":"

An advance tax is a tax that an assessee needs to pay as they earn, also known as the \u201cpay as you earn\u201d tax. A person can pay it , before the end of the fiscal year.\u00a0 The income tax paid for income earned during the same financial year is referred to as the \u201cAdvance Tax Payment.\u201d In general, taxpayers are only obligated to pay tax on their previous year\u2019s earnings. The Income Tax Act of 1961 includes a provision for advance tax to guarantee that money reaches the government as soon as possible.<\/o:p><\/span><\/p>\n

According to Section 208 of the Income Tax Act 1961, every person whose estimated tax due for the financial year exceeds Rs. 10,000 is required to pay tax in advance. Individuals and business owners should pay these instalments by the Income Tax Department\u2019s deadlines.<\/o:p><\/span><\/p>\n

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