Advance tax, as the name suggests is the tax which is to be paid in advance by the assessee during each financial year. It is also known as ‘Pay as your Earn’ Tax and is different from the usual income tax. For paying this tax, the assessee has to estimate his income beforehand for the entire financial year and pay the tax accordingly. This Advance tax collection is to ensure that the government is able to collect taxes uniformly throughout the year.
There was exemption on the taxability of dividend income for shareholders till the Assessment Year 2020-21. Accordingly, the companies were liable to pay taxes on such dividend income. Taxability of …
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The due dates for filing of audit report and Income Tax Return for certain category of taxpayers has been extended by CBDT for FY 2020-2021. The same was announced by …
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Advance tax is to be paid by all the assessees having total tax liability of Rs. 10,000 or more in a financial year. However, the senior citizens of above 60 years of age, who are not having any income from business or profession are not required to pay advance tax. The taxpayers and independent professionals opting for and who come under presumptive scheme respectively under Section 44AD and Section 44ADA of the Income Tax Act are also required to pay Advance Tax. The procedure for paying advance tax online is as follows: