An individual who is engaged in business, companies and others are liable for Advance Tax installments in each year. This liability stands when the amount of income tax comes more than 10,000.00. Percentage of first installment is 15% of estimated income tax of a year for the companies. This installment does not apply for Non-company cases. Every assesee should deposit Advance Tax in time to avoid interest and penalty on late deposit of Advance Tax.
Difference between Income Tax and Advance Tax.
- Income Tax is calculated on Actual income or Advance Tax is calculated on estimated income.
- Income Tax is deposited in Assessment Year or Advance Tax is deposited in Financial Year.
- Income Tax is deposited as final tax and Advance Tax is deposited in installments in percentage.
Advance Tax Calculator (Click Here)