Thursday, December 7, 2023

What are the incomes on which advance tax can be paid in the next quarter without penal interest

Income tax rules say that if an individual's estimated tax liability for the financial year after subtracting tax deducted at source (TDS) is over Rs 10,000 then advance tax has to be paid. If this is not done then penalty under section 234C is levied. However there exists certain incomes where this penalty is not applicable.

from Tax-Wealth-Economic Times https://ift.tt/7Y45GvK

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