Advance Tax, or "Pay as You Earn Scheme," requires taxpayers to estimate their annual income and pay taxes in installments if ...

Advance tax refers to the payment of income tax during the same year in which the income is earned, rather than paying it as a lump sum at the end of the financial year. It applies to individuals and ...

The Lok Sabha Select Committee recommended correcting a drafting error regarding how interest is calculated for shortfalls in advance tax payments. The revised Income ...