Advance Tax Installment

Tax Glossary Definition

Advance Tax Installment

Advance Tax Installment – A system of paying income tax in advance, through quarterly installments during the financial year, based on estimated income. This helps taxpayers avoid interest and penalties under sections 234B and 234C for late payment.

Example: Tax payable as advance tax – 15% by June, 45% by September, 75% by December, and 100% by March.

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