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Does your tax liability for year exceed Rs 10,000? Pay advance tax

While NRIs are liable to pay advance tax, senior citizens with pension and interest income are exempted

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While calculating advance tax, adjustment can be made for any TDS deducted

Bindisha Sarang
September 15 is the deadline for paying the second instalment of advance tax. This is income-tax (I-T) taxpayers need to pay every quarter, instead of a lump sum at the end of the year.

Ashutosh K Srivastava, senior associate, SKV Law Offices, says, “The tax has to be usually paid when income is earned. Nonetheless, according to the I-T Act, the taxpayer has to estimate his income for the entire financial year. Based on that, he/she pays tax at specific intervals.”  

Pratyush Miglani, managing partner, Miglani Verma & Co., says, “Paying a huge amount of tax at one go can

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First Published: Sep 05 2022 | 6:30 PM IST

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