Check sibling questions
Income Tax
Advance Tax Computation

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?

Slide2.JPG

 

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.

Solve all your doubts with Teachoo Black (new monthly pack available now!)

CA Maninder Singh's photo - Co-founder, Teachoo

Made by

CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 12 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.