Why we need to pay advance tax? anyway we will pay tax on time, then why we have to pay before the assessment ? please explain. Thanks in advance.
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Adwance tax
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This provision had been inserted for the big assessee, they earn income and uses for the balance period.
gov demand that while u are earning income deposit the tax at the same time i.e. quarterly.
and one more thing......between the period, if ur income is high ur liquidity will also be high, u can easily deposit the tax
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