Advance tax

Ask the Community Income Tax
1

Hi,

Is there who needs to pay advance tax mandatorily?

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2

Hi Gowri,

Advance tax is for those who earn money from sources other than salary. It is applicable for self-employed individuals, professionals, and business men if their income exceeds a certain limit This includes money that comes from shares, interest earned on fixed deposits, rent or income received from house tenants. Senior citizens who are more than 60 years of age are exempt to advance tax. A good detailed read here.

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