Advance tax
This query is : Resolved
06 September 2013
what is the difference between advance tax and actual income tax we pay on 31st july
Dintakurthi Tirumala
(Expert)
06 September 2013
Advance tax means paying of tax in advance as estimation basis for the running current year(i.e running year's assessment year)
Actual tax means computed total tax liability based on the incomes for already completed year and paying of tax.
For example Now if you paying tax for A.Y 2014-15 then it called Advance tax because of A.Y 2014-15(F.Y 2013-14) year at present didn't end.
If you paying tax for A.Y 2013-14 then it called self assessment tax(in your view actual tax) because of A.Y 2013-14(F.Y 2012-13) year already ended and tax now paying.
OM SAI SRI SAI JAI JAI SAI
Actual tax means computed total tax liability based on the incomes for already completed year and paying of tax.
For example Now if you paying tax for A.Y 2014-15 then it called Advance tax because of A.Y 2014-15(F.Y 2013-14) year at present didn't end.
If you paying tax for A.Y 2013-14 then it called self assessment tax(in your view actual tax) because of A.Y 2013-14(F.Y 2012-13) year already ended and tax now paying.
OM SAI SRI SAI JAI JAI SAI
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