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?

Tax
Tax icon
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.
Rectangle 5937

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

Why IRDAI bars ULIPs from being advertised as investment product

Tax rates of G20 Countries and India’s Global Standing.

Index Funds

How much emergency fund should I have, and where to save it? Should I keep it in a separate account or invest?

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.
Rectangle 5937

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

Why IRDAI bars ULIPs from being advertised as investment product

Tax rates of G20 Countries and India’s Global Standing.

Index Funds

How much emergency fund should I have, and where to save it? Should I keep it in a separate account or invest?

Why join Dime's
Tax Strategy Masterclass?

Comprehensive

Practical

Case Studies

This isn’t a normal masterclass. You will get a comprehensive hands-on experience of various “Tax Strategies” with our proven case-study based approach.

Get access to in-house built powerful Old vs. New Tax regime calculator, tax handouts, and more.

Thousands have benefited you can too!

2000+ People have Already Saved Taxes

Why join Dime's Tax Strategy Masterclass?

Comprehensive

Practical

Case Studies

This isn’t a normal masterclass. You will get a comprehensive hands-on experience of various “Tax Strategies” with our proven case-study based approach.

Get access to in-house built powerful Old vs. New Tax regime calculator, tax handouts, and more.
Thousands have benefited you can too!

2000+ People have already saved Taxes