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What is self assessment tax and advance tax

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Querist : Anonymous (Querist)
15 November 2011 Can u explain me
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 November 2011 Both are one of the same, advance tax is the income tax which we are paying in advance for the particular assessment year in installment this is based on projected income for the particular financial year. self assessment tax which we are finalsing the tax based on actuals once the financial year completed and deduct what ever advance tax paid and balance need to be paid before filing the return
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