Is the extra advance tax adjusted against future payment or can one get refund?
In case one pays a higher amount than the total advance tax liability, there is a refund. If the extra amount paid is 10 per cent higher than the tax liability, then one will get a nine per cent interest on that amount.
What if the extra advance tax paid is less than 10 per cent of the overall liability?
If the extra advance tax paid is less than 10 per cent of the total tax liability, no interest will be paid to the taxpayer. In this case, one will only get the refund of the extra amount paid.
In case one pays a higher amount than the total advance tax liability, there is a refund. If the extra amount paid is 10 per cent higher than the tax liability, then one will get a nine per cent interest on that amount.
What if the extra advance tax paid is less than 10 per cent of the overall liability?
If the extra advance tax paid is less than 10 per cent of the total tax liability, no interest will be paid to the taxpayer. In this case, one will only get the refund of the extra amount paid.
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