News From Press The problem of incorrect estimation of income before 15 March

The problem of incorrect estimation of income before 15 March

Source: Mint Mar 23, 2022

The Income Tax (I-T) Act prescribes payment of advance tax if the tax liability (after tax deducted at source, or TDS) on the estimated income for the financial year (FY) exceeds ₹10,000.

The advance tax must be paid by the taxpayer in four instalments—at least 15% of the advance tax liability by 15 June, 45% by 15 September, 75% by 15 December and 100% by 15 March.

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