Advance Tax
Definition
Quarterly pre-payment of expected income tax during the financial year when total tax liability exceeds ₹10,000.
In Context
Paid in 4 instalments: 15% by June 15, 45% by September 15, 75% by December 15, 100% by March 15. Non-payment attracts interest under Section 234B/234C. Senior citizens (60+) without business income are exempt.
Related Terms
Want personalized financial guidance?
Use Kuber.AI to understand how Advance Tax applies to your financial plan.
Download Kuber.AI
⚠️ Disclaimer: This glossary is for educational purposes. Simplify Money provides analytical insights and guidance. We have applied for SEBI RIA registration.