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Personal Finance

Here's why you should not miss paying advance tax

Updated : August 13, 2018 03:02 PM IST

Taxpayers with taxable income from any source which are not subject to withholding tax or where the taxes are deducted at a lower rate are mandated to pay taxes in advance.
Taxpayers are required to pay advance tax in 4 instalments within the specified due dates if such tax payable is Rs 10000 or more. Senior citizens (60 years or more) who do not have income from business/profession are exempt.
Advance tax payment is a mandatory requirement that facilitates the government to receive the tax revenue on a quarterly basis rather than waiting until the end of the financial year.
Here's why you should not miss paying advance tax
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