Advance Tax All items of income (including capital gains, winning from lotteries, crossword puzzles, etc.,) are liable for payment of advance tax. Who is liable to pay advance tax: when the advance tax payable by any person for the assessment year immediately following the financial year is Rs.10,000/- or more An assessee who has opted […]
Read MorePayment of advance tax in pursuance of order of Assessing Officer If despite the legal obligation cast upon a taxpayer (who had earlier been assessed to income tax), he fails to pay advance tax (or advance tax is lower than the correct amount), the Assessing Officer may pass an order requiring him to pay advance […]
Read MorePayment of advance tax by the assessee of his own account An assessee who is liable to pay advance tax will be required to estimate his current income and pay advance tax thereon without having to submit any estimate or statement of income to the assessing authorities. After making payment of first /second installment of […]
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