Income Tax Advance Payment (Advance Tax)

Tax Glossary Definition

Income Tax Advance Payment (Advance Tax)

Income Tax Advance Payment (Advance Tax) – The prepayment of estimated income tax by a taxpayer during the financial year, in installments, to avoid interest and penalties for underpayment at the year-end. Example: A taxpayer pays ₹25,000 as advance tax in June and another ₹25,000 in September for the current financial year.

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