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Ans. Advance tax is the tax which is paid in advance before completion of the financial year. The Indian Govt. has made a mechanism through which the assessed need not pay the amount of total tax in one go if the amount of tax exceeds the prescribed limit.
Ans. Any person having a salary, business income, and his expected total income tax liability after TDS is Rs.10,000/- or more. However, the provision of the tax is not applicable to the senior citizen (60 years or older) and do not have any business income.
Further, any person who has opted the presumptive taxation scheme u/s 44AD is liable to pay the whole amount of advance tax before 15th march of the previous year, However, if the taxpayer did not pay the tax amount before 15th march of the previous year then penalty u/s 234C shall also be levied.
Note: – Any amount paid as an Income tax before 31st March shall be considered as an Tax.
For individual and corporate taxpayers
Any person who has opted presumptive taxation scheme shall liable to pay their tax liability by the end of 31st March of each financial year.
If the amount of advance tax is not paid/partially not paid on the due date of tax as above mentioned then interest shall also be levied on such remaining amount u/s 234C and 234B of the income tax act 1961.
Interest u/s 234C:- Interest @1% p.m. shall be levied if the tax is not paid as per the above-mentioned date i.e. Deferment of installment of Advance Tax.
Also, Read: No Property Registration without Property Tax
Interest u/s 234B:- Interest @1% shall be paid if the 90% of the tax is not paid before the end of the financial year i.e Default in payment of Tax.
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