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Advance tax

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Querist : Anonymous (Querist)
09 July 2012 What is Advance Tax?
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
09 July 2012 Simply put tax paid in advance is called advance tax.
The actual tax liability for 2012-13 can be determined only after the books of accounts are closed after 31st March 2013. However tax rules stipulate that the total tax liability is discharged by the assessees in installments.
The assessees are required to estimate the taxable income and pay taxes in advance every quarter.

This gives the government a regular source of funds to meet its budgeted expenditure.
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