Advance tax is the amount of income tax that is paid much in advance rather than a lump-sum payment at the year-end.
It is often referred to pay as you earn, & must be paid in instalments by the due dates established by the income tax department.
Advance tax applies to all taxpayers irrespective of the profession, whether you are salaried, freelancer, or businessmen. However, Senior citizens, who are 60 years or more, and do not run a business, are exempt from paying advance tax.
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