Advance tax is also called as "pay as you earn" tax which provisions to deposit advance tax in installments rather than at the end of financial year. The delay in advance tax payment can lead to penal interest.
Advance tax is applicable to those people whose tax liability is more than Rs 10,000. This is done on due dates decided by the Income Tax Department.
The gross advance tax collection fell 31 per cent in the first quarter. Advance corporate tax mop-up declined 79 per cent in the same period, PTI reports quoting an income tax official.
While gross collections under Corporate Income Tax (CIT) grew at 4.8 per cent, that from Personal Income Tax (PIT), including Securities Transaction Tax (STT), rose by 12.9 per cent
New Delhi: Corporates can pay their first quarter advance tax today, tomorrow and on Monday at the designated bank branches, an official statement said. “All designated branches of authorised banks have been asked to function
New Delhi, June 24: Government is considering making it mandatory for companies paying advance tax of over Rs 10 crore annually to register with the LTU (Large Taxpayers Unit), a move likely to augment and
Mumbai, Sep 15: Bollywood superstar Salman Khan, who just delivered the biggest box office grosser of all time with his latest film ‘Bodyguard', has also trumped his rivals in the Hindi filmdom with a near
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