Advance Tax Calculation - How To Calculate Advance Tax with Example I advance tax calculation
Advance Tax Calculation - How To Calculate Advance Tax with Example
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Frequently Asked Questions about Advance Tax Calculation
Q.1. What is Advance Tax?
Ans. Advance tax is a tax which should be paid in advance during current financial year, instead of lump sum payment at year end. These payments have to be made in instalments on quarterly basis as per due dates provided.
Q.2. What is liable to pay Advance Tax?
Ans. If the total tax liability is Rs.10,000 or more in a financial year then have to pay advance tax. Advance tax applicable to all taxpayers, salaried, freelancers, and businesses.
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