Advance Tax

Tax Glossary Definition

Advance Tax

Advance tax refers to the partial payment of income tax by taxpayers in installments, typically before the end of the financial year, based on their estimated income.

It helps distribute the tax burden evenly throughout the year and ensures a steady inflow of revenue for the government.

Example: If the total estimated tax for the year is ₹1,00,000, the taxpayer pays 15%, 45%, 75%, and 100% of this amount by June, September, December, and March, respectively.

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