BankBazaar.com

Bangalore, India

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BankBazaar.com

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What is Advance Tax:

Advance Tax, is taxes liable to be paid to the government if you have an estimated income that is higher than Rs. 10, 000.

You will be required to pay this tax to the government on the income you earn throughout the year.

BankBazaar.com

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This tax is liable only after the tax deducted at source is considered, if you are a salaried individual, who has their employer deduct taxes and pay them on behalf of the employee from their salary, and you do not have any other source of income then you will not be liable to pay Advance Tax.

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Individuals who are at least 60 years old , and do not run any business of any kinds are exempt for paying Advance Tax.

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If my employer pays my taxes through TDS do I still need to pay Advance tax?

While Coming to Advance Tax, If you own any Fixed Deposits, NSCs, Mutual Funds, Shares and Bonds or any other financial products from where you can earn an income, or if you have a residential property which you have leased out to another person and you earn a rent amount from them.

You are eligible to pay taxes on this kind of income earned.

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For More Info Visit:

https://www.bankbazaar.com/tax.html