![]() ![]() Presumptive income for professionals– Independent professionals such as doctors, lawyers, architects, etc. They also have the option to pay all of their tax dues by 31 March. Presumptive income for businesses–The taxpayers who have opted for the presumptive taxation scheme under section 44AD have to pay the whole amount of their advance tax in one instalment on or before 15 March. So only senior citizens (60 years or more) having business income must pay advance tax ![]() Senior citizens– People aged 60 years or more, and do not run a business, are exempt from paying advance tax. The advance tax applies to all taxpayers, salaried, freelancers, and businesses. Salaried, freelancers and businesses– If your total tax liability is Rs 10,000 or more in a financial year you have to pay advance tax. These payments have to be made in instalments as per due dates provided by the income tax department. ![]() What is Advance Tax?Īdvance tax is the income tax that is paid in advance instead of lump sum payment at year end. Due date for fourth and last instalment of advance tax is 15th March 2024 for FY 2023-24. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |