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Advance Tax Video Lecture | Income Tax for assessment (Inter Level) - Taxation

	Income Tax for assessment (Inter Level) 405 videos\|72 docs

Income Tax for assessment (Inter Level)

405 videos|72 docs

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FAQs on Advance Tax Video Lecture - Income Tax for assessment (Inter Level) - Taxation

1. What is advance tax in taxation?

Advance tax is a form of income tax that is paid in advance, based on estimated income for the current financial year. It is paid in installments rather than in a lump sum at the end of the year. It is a way for individuals and businesses to fulfill their tax obligations throughout the year, ensuring a smooth flow of revenue for the government.

2. How is advance tax calculated?

Advance tax is calculated based on the estimated income for the current financial year. Individuals and businesses are required to estimate their income and calculate the tax liability accordingly. The advance tax is then paid in installments as per the due dates specified by the tax authorities.

3. What are the due dates for advance tax payments?

For individuals, the due dates for advance tax payments are usually on or before 15th June, 15th September, 15th December, and 15th March of the financial year. However, the due dates may vary depending on the type of taxpayer and the applicable tax laws in the country.

4. What happens if advance tax is not paid?

If advance tax is not paid or if the payment is insufficient, individuals and businesses may be liable for interest and penalties. The tax authorities may impose penalties for non-compliance, which can result in additional financial burden. It is important to ensure timely and accurate payment of advance tax to avoid any such consequences.

5. Can advance tax be adjusted against regular tax liabilities?

Yes, advance tax paid during the financial year can be adjusted against the regular tax liabilities at the time of filing the income tax return. The total amount of advance tax paid throughout the year is considered as a pre-payment of the final tax liability. Any excess payment can be claimed as a refund, while any shortfall needs to be paid before filing the tax return.

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About this Video

Nov 16, 2024 Last updated

Video Description: Advance Tax for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation. The notes and questions for Advance Tax have been prepared according to the Taxation exam syllabus. Information about Advance Tax covers all important topics for Taxation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Advance Tax.

Introduction of Advance Tax in English is available as part of our Income Tax for assessment (Inter Level) for Taxation & Advance Tax in Hindi for Income Tax for assessment (Inter Level) course. Download more important topics related with notes, lectures and mock test series for Taxation Exam by signing up for free.

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Video Lecture & Questions for Advance Tax Video Lecture | Income Tax for assessment (Inter Level) - Taxation - Taxation full syllabus preparation | Free video for Taxation exam to prepare for Income Tax for assessment (Inter Level).

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Here you can find the meaning of Advance Tax defined & explained in the simplest way possible. Besides explaining types of Advance Tax theory, EduRev gives you an ample number of questions to practice Advance Tax tests, examples and also practice Taxation tests.

	Income Tax for assessment (Inter Level) 405 videos\|72 docs

Income Tax for assessment (Inter Level)

405 videos|72 docs

Join Course for Free

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