If your net income tax liability is over Rs 10,000 in a financial year (FY), you have to to pay advance tax. Net tax liability refers to the your estimated tax liability minus TDS (tax deducted at source) in a financial year. The Income Tax Act, 1961, states that these individuals need to make four quarterly payments to avoid penal interest.

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But, not all individuals with net income liability above Rs 10,000 in a FY has to pay advance tax. The income tax laws do provide some exemptions.

According to Section 211 of the Income Tax Act, individuals must make four quarterly advance tax payments between June 15 and March 15 of the respective financial year. However, only those opting for

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