Advance tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2012
What is Advance Tax?
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.
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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