What is Advance Tax in Indian income tax?
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Advance Tax, also known as “pay-as-you-earn” tax, is the tax liability paid by taxpayers in installments before the end of the financial year, based on their estimated income for the year. It applies to individuals, self-employed professionals, and businesses whose tax liability after TDS exceeds ₹10,000 in a financial year. Failure to pay advance tax may attract interest and penalties.