Accountancy, asked by mishtybabu3805, 1 year ago

Write a Note on Advance Tax.

Answers

Answered by Tanya1233
0

As the name suggests, it refers to paying a part of your yearly taxes in advance. Advance tax is the income tax payable if your tax liability exceeds Rs 10,000 in a financial year. Advance tax should be paid in the year in which the income is received. Hence, it is also known as the 'pay-as-you-earn' scheme.

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