Advance Tax

Income tax that is paid in advance as opposed to all at once at year’s end is known as advance tax. It is the tax you pay on your income. These payments must be made in installments according to the income tax department’s deadlines. You must pay advance tax if your total tax due for the financial year is Rs 10,000 or more. All taxpayers, including businesses, salaried individuals, and independent contractors, are subject to the advance tax.