CONNECT TO AN EXPERT
Advance tax is the process of paying taxes in advance rather than paying a lump-sum amount at the year-end. Advance tax, also called as earn tax, can be paid in installments according to the due dates determined by the income tax department. According to Income Tax Act in India, a taxpayer requires to pay advance tax if his or her tax liability is Rs 10,000 or more in a fiscal year.
Advance tax means paying your income taxes before the end of the fiscal. If your tax liability exceeds Rs 10,000 in a financial year then you must pay this tax. The advance tax must be paid in the same year in which you have received your income. This tax can be paid through tax payment receipt at bank branches which are certified by the Income-tax department. Advance tax can be paid in installments with 15 percent on or before 15th June, 45 percent on or before 15th September, 75 percent on or before 15th December, and 100 percent of needs to be paid on or before 15th March.
Know benefits of advance tax
Every Indian citizen is liable to pay tax if his or her income falls under the Income Tax bracket. Mention below is some benefits of paying advance tax.
Offices in India
Credence Corporate Solutions Pvt Ltd is one of the leading Online Business Solution Company in India, where any Large, Medium or Small business houses as also Entrepreneurs get Start-up services and Taxation solutions. One stop business set-up and corporate services company. We are a team of Professionals and Associates like Chartered Accountants, Company Secretary and Consultants with vast knowledge and experience, committed to provide consistent, customized and workable solutions in the fields of ROC, Taxation, Accounting, Labour Laws, Audits, etc...Read More
Get the latest company news, corporate information, and more on Credence Corporate Solutions. View this section for the recent information on Company Registration, Licenses, GST, Income Tax, Trademark, Product Mark and other topics. Get to chat with our business experts, read business articles, and stay up-to-date on the newest business news.
Today, by virtue of many outsourced accounting firms, many startups in India can avail of the maximum benefits from the outsourced accounting services, bookkeeping s...Read More
Startup India initiative was launched on January 16, 2016, by the government of India. The objective was to support entrepreneurs and build a strong ecosystem for promoti...Read More