Direct Tax || Advance Tax || Study Notes || CMA Intermediate || Group 1

 Advance Tax 

• Sec 207  every Person shall pay tax in advance as per the provision of Advance Tax, i,e In general every person should estimate his income and pay tax however exact amount of income tax shall be calculated at the end of the year.

       A senior citizen who do not have income under the head       Business/Profession shall be exempt from payment of advance tax.

• Sec 208  Advance Tax shall be payable during a financial year in every case where the amount of such tax Payable by the assessee during that year, is Rs. 10,000 or more

• Sec 211  All the assessee have to pay advance tax in the following Manner given Below :

  

• Sec 234C If any person has default in Payment of advance Tax, Interest shall be charged @1% Pm for the period of 3m on the amount of default in each installment, but for the last Installment, Interest shall be charged @1% pm for the period of 1m. 
• Sec 234B 

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