Section 211 of ITA, 1961 : Section 211: Instalments Of Advance Tax And Due Dates
ITA, 1961
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Explanation using Example
Imagine a scenario where Mr. Sharma, a salaried employee, also earns income from freelance consulting. His total tax liability for the upcoming financial year is estimated to be ₹100,000. According to Section 211 of the Income-tax Act, 1961, he is required to pay advance tax in four instalments:
- By 15th June, he should pay at least ₹15,000 (15% of ₹100,000).
- By 15th September, he should pay an additional amount such that the total paid is at least ₹45,000 (45% of ₹100,000), which means paying ₹30,000 more if he paid exactly ₹15,000 in...
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