Diabytes
Advance tax payment News
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If your estimated tax liability exceeds Rs 10,000 after accounting for tax deducted at source (TDS), you are required to pay advance tax.
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If you miss an advance tax payment, penal interest is charged under sections 234B and 234C.
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Under the Income Tax Act, any assessee, including salaried employee whose estimated tax liability for an year exceeds Rs 10,000 needs to pay advance tax.
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Direct tax collection registered a growth of 24.79 percent to Rs 1.24 lakh crore during April- June period, mainly on account of early advance tax mop-up.
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