the Qs
the Qs
This is Kiran working at Wipro. I’m watching a lot of videos these days asking to pay advance tax. Should I be doing it?
Advance tax is paid during the year to provide the government with funds for day-to-day operations, rather than at year's end. Now, should you be paying for it? If you have only salaried income, then no, you need not pay advance tax because TDS, which is kind of an advance tax, is already being cut from your salary every month. So you do not have to pay for it.
However, if you have any other income, such as income from capital gains, income from house property, other types of interest, or even freelancing income in that case, then just estimate your total income for the year and calculate the taxes on it and pay them in installments before these government given due dates.
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the Qs
This is Kiran working at Wipro. I’m watching a lot of videos these days asking to pay advance tax. Should I be doing it?
Advance tax is paid during the year to provide the government with funds for day-to-day operations, rather than at year's end. Now, should you be paying for it? If you have only salaried income, then no, you need not pay advance tax because TDS, which is kind of an advance tax, is already being cut from your salary every month. So you do not have to pay for it.
However, if you have any other income, such as income from capital gains, income from house property, other types of interest, or even freelancing income in that case, then just estimate your total income for the year and calculate the taxes on it and pay them in installments before these government given due dates.
Wait..would you like to get more like this?
Join 12,000+ readers who receive our insights decoding Personal Finance twice a week, so you can make the most out of your money.
No Spam. Only Finance
No Spam. Only Finance
Recent Posts
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Exploring the highest and lowest income tax rates across G20 countries and discovering how different nations tax their citizens, with India's highest rate at 30%.
Index funds make investing easy by tracking a market index, helping your money grow steadily. They offer lower fees and built-in diversification, providing a simple way to build long-term wealth.
Honestly, on the conservative side, one should have at least 12 months worth of living expenses as emergency savings and you cannot just create this once and forget about it.…
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