While estimating my taxable income for advance tax payment, can I provide for 80C deductions?

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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 ...

• After adopting PTS and computing my taxable income at 50% of my receipts, can I claim any other deductions from such taxable income?

  No. The income computed at the given rate shall be the final taxable income on which you have to compute tax and no further deductions are allowed from this income.

• Is there a penalty for not paying advance tax?

  Yes, interest will be levied under 234B and 234C of the Income tax Act, 1961 in case of non- payment of advance tax.

• What are the different types of income that qualify as Salary under the Income Tax Act?

  As a salaried person, you may be getting income in many forms. For the purpose of tax, the incomes that qualify as Salary are listed below: Salary: This is generally a monthly remuneration extended by the employer to the employee in exchange for the ...