Advance Tax:- As the name suggests tax paid in advance means to advance tax. If the tax paid amount is more than 10000 rupees than the tax should be paid in previous year itself and not to be deferred to assessment year. Government always wants to collect the tax amount as early as possible, so there is a law of advance tax.Surcharge and educational cess also include while calculating advance tax.
What is Advance Tax- Pay On time Advance Tax
Due Date of advance tax:-
15th June:- not less than 15% of tax payable
15th September:-not less than 45%
15th December:- not less than 75%