Visit Us For All types Of Advanced Tax Planning Services | Dhruv Tax
Advanced taxplanning can be defined as a process where there is the payment of a part of an
individual’s tax before the end of one fiscal year. This is also termed as a “pay-as-you-earn” scheme. Advance tax is nothing but the income tax that is payable
if your tax liability is more than Rs. 10,000/- in a financial year. The
respective tax should be paid in the following year in which the income is
being received. The amount that
you pay until the 31st of March month will also be accepted as advance tax
for that particular economic year.
Through tax
payment challans, the individuals may pay advance tax at banking institutions which
are only authorized by the income tax IT department. The advance tax
that is payable can be either increased or decreased. What if you have missed
the deadline for paying the advance tax? Not to worry at all! If you haven’t
paid or have paid less than what has to be paid which is mandated 30% of the
total liability by the initial deadline, an interest has to be paid for the
non-payment or partial payment. There will a few levels of deadlines for the payment
of advance tax, if you fail to pay at each level, then you will be charged with
different rates of interest. Therefore, Advance
tax planning is very crucial while you pay advance tax. Visit Dhruv Tax For All Types Of Tax Services.
For More Details :
Call Us : +1 307 696 2266
Website: https://dhruvtax.com
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