1. Income tax that requires to be paid in the installments during the year instead of lump sum payment at the year end is known as advance tax or pay as you earn tax.
2. If the total tax accountability of any taxpayer is more than Rs 10,000 in a financial year then he is subject to pay the advance tax during the year.
3. Advance tax administers to all the tax payers, salaried, freelancers and businessmen. The senior citizens not having any business income are immune from the payment of advance tax.
4. Advance tax is payable in the instalments with 15% on or before the 15th of June, 45% on or before the 15th of September, 75% on or before the 15th of December and 100% requires to be paid on or before the 15th of March.
5. For the individuals with salary as the exclusive income, advance tax is taken care of by the deduction of TDS by the employer at the time of crediting the salary.
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.
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