Advance-tax means any tax paid by the assessee on his estimated income before the end of financial year if such income is chargeable to tax. The amount of advance tax payable should be calculated after deducting TDS from tax due on the income.
When is a Person liable for payment of Advance-tax?
A person is liable for payment of Advance Tax if Amount of tax payable after considering TDS of more than Rs.10,000/-. In case Tax Liability after considering TDS is less than Rs 10,000/-, Advance Tax is not applicable.
Exemption is provided to Senior Citizens having age more than sixty and not having income from business or profession. Also exemption is provided in case of persons having business income under Presumptive Incomes u/s 44AD and 44AE. For details please reach our helpdesk on: firstname.lastname@example.org
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