Why is advance tax important
Is it compulsory to pay advance tax? | As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance | ||
| What happens if I dont pay advance tax? Penalty for Default in Advance Tax Payment | Under section 234B, interest for default in payment of advance tax is levied at 1% simple interest per month or part of a month. The penalty interest is levied on the amount of unpaid advance tax. | ||
| How many times can I pay advance tax? | Three instalments Advance tax has to be paid in three instalments of 30%, 40%, and 60% on 15 September, December, and March in a financial year. | ||
| How much advance tax do I pay?What are the important dates in advance tax? | Sr. | Due Date | Advance Tax Payable |
| 1 | On or before 15th June | 15% | |
| 2 | On or before 15th September | 45% | |
| On or before 15th December | 75% | ||
| 3 | On or before 15th March | 100% | |
| Who is the advance tax payer in India? Can I pay lumpsum as advance tax? | Advance tax needs to be paid by any person whose tax liability is Rs 10,000 or more in a financial yea | ||
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