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Source: Live Mint As the third installment of advance tax is due on December 15, taxpayers are reminded of the importance of adhering to this deadline to stay compliant and avoid penalties. Advance tax, often referred to as the “pay-as-you-earn” tax, is a requirement for individuals and businesses whose tax liability for the financial year…
Source: Live Mint The deadline for the third instalment of advance tax is December 15, 2024. Taxpayers must pay the advance tax before the due date to avoid penalty. What is advance tax? Advance tax is a part of income tax that is paid in instalments at different deadlines rather than paying the entire amount…
Source: Live Mint Advance tax payment: The deadline to make your advance tax payment is fast approaching — in only three days, on December 15. So, what happens if you fail to pay tax by deadline? You could be liable for penalties and interest for delay. Thus, we bring you all you need to know…
Source: Live Mint I want to send money to my son in the US under the Liberalised Remittance Scheme (LRS). I understand that tax collected at source (TCS) has to be paid on each transaction. How can I reclaim this amount? —Name withheld on request It is assumed that you qualify as a resident in…
Source: Live Mint In 2022, the Indian government introduced a flat 30% income tax on gains from cryptocurrencies and Non-Fungible Tokens (NFTs). Investors riding the current rally should be aware of their advance tax and reporting obligations to avoid penalties under the Income Tax (IT) Act. With a 1% TDS deducted on sales of these…
