Advance tax, also known as "pay-as-you-earn" tax, is a system requiring taxpayers to estimate and pay taxes periodically throughout the year based on their projected income. It ensures a steady revenue flow for tax authorities and prevents taxpayers from facing a large tax burden at year-end. Failure to comply may result in penalties.
Advance Tax Schedule:
| Instalment | Date |
Percentage |
|
First Installment |
15-Jun | 15% |
| Second Installment | 15-Sep | 45% |
| Third Installment | 15-Dec | 75% |
| Fourth Installment | 15-Mar | 100% |
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