Advance Tax

It is the income tax paid in the current financial year regarding income to be assessed in subsequent assessment year immediately succeeding the current financial year.

For example

For financial year 206-17

Return is to be filed by 31 st July 2017 / 30 h September 2017(for audit cases)

Income tax paid from 1 st April 2016 to 31 st March 2017 is called advance tax.

 

What is Advance Tax - Basics of Advance Tax

 

What is Self Assessment Tax?

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TYPES OF INCOME TAX Slide3.JPG

How to pay Income Tax/Advance tax?

Same challan 280 is applicable for all three

It can be used for

1.Advance Tax

2, Self Assessment Tax

3, Tax on Regular assessment.

  1. Income Tax
  2. Advance Tax Computation
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Davneet Singh
Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 8 years. He provides courses for Maths and Science at Teachoo. You can check his NCERT Solutions from Class 6 to 12.