As the name suggests, advance tax refers to paying a part of your taxes before the end of the financial year. Also called ‘pay-as-you-earn’ scheme, advance tax is the income tax payable if your tax liability is more than Rs10,000 in a financial year. It should be paid in the year in which the income is received. Rather than receiving all tax payments at the end of the year, advance tax receipts help the government get a constant flow of income throughout the year so that expenses can be met.
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