Under the advance tax payment system, taxpayers must pay their taxes for a fiscal year within the financial year as opposed to delaying payment until the filing of their income tax return. Because of the \"pay as you earn\" nature of this system, taxes are paid on your income as it is received. If a taxpayer's tax liability for the year is INR 10,000 or more, they must pay advance tax, as per section 208 of the Income Tax Act, 1961. By minimizing the burden of tax payments at the end of the financial year, this strategy helps to ensure timely tax payments. For Additional Reading: https://www.adpand.com/finance/a-helpful-guide-about-advance-tax-payment-with-due-dates/
","author_name":"Amit Gupta"}