Advance Tax क्या है?
Advance Tax, also known as 'pay-as-you-earn' tax, is the income tax paid in advance rather than in a lump sum at the end of the financial year. It is applicable when the estimated tax liability for the year exceeds ₹10,000.
ऐतिहासिक पृष्ठभूमि
The concept of advance tax was introduced to ensure a steady flow of revenue for the government throughout the financial year and to prevent a large tax burden on taxpayers at year-end. It is an integral part of the Income Tax Act, 1961.