Advance & self assesment tax
This query is : Resolved
Anurag Dubey
(Querist)
20 December 2014
Dear sir what is didfrence in advance tax and self assessment tax.
20 December 2014
Advance Tax as the name suggest is advance payment of Tax based on estimated tax liability for the ensuing year whereas Self Assessment Tax is the balance tax paid after determining the final tax liability.
Rupesh Jain
(Expert)
20 December 2014
advance tax if your tax liability on estimated income is rs. 10000/- or more according to act.
If tax liability is lower than rs. 10000/- then you have to deposit the tax before filing of the income tax return.
If tax liability is lower than rs. 10000/- then you have to deposit the tax before filing of the income tax return.
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