To pay tax in advance

An income tax assessee is required to pay tax in advance in a previous year if his tax liability for the year is likely to be Rs 5,000 or more. Advance tax is payable on the total income of an assessee that is chargeable to tax in an assessment year.

Every income, including capital gains and casual income is liable for advance tax. The due date for payment of the next instalment of advance tax for the current previous year is December 15.

Under the Income Tax Act, the total tax liability has to be paid in instalments as advance tax on or before the specified due date.

Credit is given to the assessee for the advance tax paid by him at the time of determining his final tax liability. Any remaining amount has to be paid as self-assessment tax before the income tax returns is filed. If the advance tax is paid in excess, the excess amount will be refunded to him.

Originally posted by :Ram Avtar Singh
"	An income tax assessee is required to pay tax in advance in a previous year if his tax liability for the year is likely to be Rs 5,000 or more. Advance tax is payable on the total income of an assessee that is chargeable to tax in an assessment year. Every income, including capital gains and casual income is liable for advance tax. The due date for payment of the next instalment of advance tax for the current previous year is December 15. Under the Income Tax Act, the total tax liability has to be paid in instalments as advance tax on or before the specified due date. Credit is given to the assessee for the advance tax paid by him at the time of determining his final tax liability. Any remaining amount has to be paid as self-assessment tax before the income tax returns is filed. If the advance tax is paid in excess, the excess amount will be refunded to him.	"