Introduction 1. Understanding Advance Tax Advance Tax, often called “Pay As You Earn”, is a way to pay your income tax in parts instead of a lump sum. Therefore, you don’t need to wait until the end of the financial year to clear your tax bill. In other words, it’s like paying your tuition fees in instalments rather than struggling to pay them all at once. Moreover, Advance Tax applies when your net tax liability after deductions and TDS is above ₹10,000. Thus, if your annual liability crosses this threshold,…
What is Advance Tax? Deduction Process, Liability, and Penalties Explained
