The Income-Tax (I-T) Department has appealed to taxpayers to pay their fourth and final instalment of advance tax for the financial year (FY) 2022-23 before the March 15 deadline. Failure to do so will invite penalty. Advance tax is payable on estimated income. It needs to be paid in the year in which the income is earned instead of as a lump sum at the time of filing the tax return. Think of it as a pay-as-you-earn tax.
Paying a huge amount of tax at one time can be burdensome. Pallav Pradyumn Narang, partner, CNK says, “Advance tax serves the purpose of ensuring the timely and regular payment of tax throughout the year.”
Who pays and who doesn’t?
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