Is there a penalty for not paying advance tax?

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• What is Advance Tax?

  Advance tax is income tax paid in advance instead of lump sum payment at year end. The purpose is to collect tax as income is generated, and hence is popularly known as ‘pay as you earn’ tax. The I-T Dept. provides the due dates before which you need ...

• Advance/Self Assessment Tax

  Advance tax - It is the Tax amount paid by you on or before the 31st of March,19. Self assessment tax - It is the tax amount paid by you after 31st march,2019 and before filing income tax return.  For Advance/Self Assessment Tax you will have to ...

• Who should pay advance tax?

  Any person having a tax liability of more than ₹10,000 in a financial year after deduction of TDS, has to pay advance tax. Advance tax must be paid by all taxpayers; salaried, freelancers, and businesses. Businessmen and professionals who have opted ...

• What is the tax treatment for salary given in arrears, or in advance? How does the I-T Act protect my interest in this case?

  You have to calculate your tax liability on the total income received during the current financial year. If your total income includes any past dues paid in the current year, or any advance for the succeeding years, you may be worried about paying a ...

• What will happen if I don’t pay advance tax?

  If you fail to pay the advance tax by 15th March of the previous year, you will be liable to pay interest as per section 234C.