Indian Taxation : Advance Tax

Jhunjhunwalas

Pay first instalment of advance tax by Sept 15

By Vineet Agarwal
Sep 02 2013

Taxing Issues

The due date for first instalment of advance tax for individuals for financial year 2013-14 is September 15. With due date just around the corner, it would be a good idea to take stock of your incomes and pay taxes on time.

What is advance tax? The concept of advance tax is outlined in Section 208 of the Income-Tax Act, 1961 (‘I-T Act’). Advance tax is a mechanism to pay an individual’s annual tax liability in instalments before the specified dates. It is tax paid in advance based on the estimated income likely to be earned in a year.

When does the liability to pay advance tax arise? Individuals can have income from multiple sources. In some cases, all taxes would have been deducted and in some partial. The liability to pay advance…

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