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Contact SupplierAs the name suggests, advance tax refers to paying a part of your taxes before the end of the financial year. Also called ‘pay-as-you-earn’ scheme, advance tax is the income tax payable if your tax liability is more than Rs10,000 in a financial year. It should be paid in the year in which the income is received.
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Rather than receiving all tax payments at the end of the year, advance tax receipts help the government get a constant flow of income throughout the year so that expenses can be met.