Have you heard about Advance Tax? Section 208 of the Income Tax Act, 1961 states anybody whose estimated tax liability for a financial year is more than or equal to Rs. 10,000 is liable to pay advance tax.
Paying advance tax simply means paying your taxes as you earn your income so that you don’t owe the tax authority a big lump sum and interest when the financial year ends.
The deadline to pay a minimum of 45% of your income tax for the 2021-2022 financial year in advance is 15th September 2021!
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