{"id":1539,"date":"2023-06-03T06:04:07","date_gmt":"2023-06-03T06:04:07","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=1539"},"modified":"2024-09-25T10:35:26","modified_gmt":"2024-09-25T10:35:26","slug":"what-is-advance-tax","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/what-is-advance-tax\/","title":{"rendered":"What is advance tax, and why is it deducted from current assets while calculating quick assets?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-18\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"90\" height=\"43\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 90px) 100vw, 90px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/77.-Advance-Tax-deducted.jpg\" alt=\"Advance Tax Deducted\" width=\"213\" height=\"179\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-advance-tax\/#What_is_advance_tax\" >What is advance tax<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-advance-tax\/#FAQs\" >FAQs:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_advance_tax\"><\/span>What is advance tax<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Advance tax is the tax paid in advance on the estimated income of the current financial year. It is a way of paying tax on an ongoing basis rather than waiting until the end of the year. In India, individuals and businesses are required to pay advance tax if their tax liability for the year is more than Rs. 10,000.\\n\\nQuick assets are those assets that can be easily and quickly converted into cash within a short period of time, usually within 90 days. Advance tax is deducted from current assets while calculating quick assets because it is considered a pre-payment of income tax liability and can be claimed as a refund if the actual tax liability for the year is less than the amount paid as advance tax. Therefore, it is treated as a current asset until the final tax liability is determined and the excess amount is refunded.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:8963,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:65280},&quot;11&quot;:4,&quot;12&quot;:0,&quot;16&quot;:10}\">Advance tax is the taxes paid in advance on the estimated income of the current financial year. It is a way of paying tax on an ongoing basis rather than waiting until the end of the year. In India, individuals and businesses require to pay advance taxes if their tax liability for the year is more than Rs. 10,000.<\/span><\/p>\n<p><strong>To Visit <a href=\"https:\/\/www.incometax.gov.in\/\">https:\/\/www.incometax.gov.in\/<\/a><\/strong><\/p>\n<p>Quick assets are those assets that can easily and quickly convert into cash within a short period of time, usually within 90 days. Advance taxes deduct from current assets while calculating quick assets because it considers as pre-payment of income liability.\u00a0 It can claim as a refund if the actual taxes liability for the year is less than the amount paid as it. Therefore, it can treat as a current asset until the final tax liability determine and the excess amount refund.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"34050a56-f81c-46ac-be59-6d4ff1842850\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p><strong>What is Advance Tax?<\/strong><\/p>\n<p>It is the payment of income tax in installments throughout the financial year, instead of a lump sum at the end.<\/p>\n<p><strong>Who is required to pay Advance Tax?<\/strong><\/p>\n<p>Individuals and businesses whose total tax liability exceeds a certain threshold (e.g., \u20b910,000 in India) are required to pay.<\/p>\n<p><strong>How is Advance Tax calculated?<\/strong><\/p>\n<p>It is calculated based on the estimated total income and applicable tax rates for the financial year.<\/p>\n<p><strong>What are the due dates for paying Advance Tax?<\/strong><\/p>\n<p>It is typically paid in four installments throughout the year (June 15, September 15, December 15, and March 15).<\/p>\n<p><strong>Can salaried individuals be required to pay Advance Tax?<\/strong><\/p>\n<p>Yes, if they have additional income sources like rent, capital gains, or business income that result in a higher tax liability.<\/p>\n<p><strong>What is the benefit of paying Advance Tax?<\/strong><\/p>\n<p>Helps avoid a large tax burden at the end of the year and reduces the likelihood of interest penalties.<\/p>\n<p><strong>Can I claim deductions when calculating this\u00a0 Tax?<\/strong><\/p>\n<p>Yes, deductions under applicable sections (like 80C, 80D) can be considered while estimating taxable income .<\/p>\n<p><strong>What if I overpay Advance Tax?<\/strong><\/p>\n<p>If you overpay, the excess amount can be refunded or adjusted against future tax liabilities.<\/p>\n<p><strong>Is Advance Tax applicable to businesses?<\/strong><\/p>\n<p>Yes, businesses with significant income are required to pay\u00a0 in installments based on their projected earnings.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mb-2 flex gap-3 empty:hidden -ml-2\">\n<div class=\"items-center justify-start rounded-xl p-1 flex\"><\/div>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4035 aligncenter\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/34.Tax-deduction-for-PF-under-80C-300x300.jpg\" alt=\"\" width=\"127\" height=\"127\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/34.Tax-deduction-for-PF-under-80C-300x300.jpg 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/34.Tax-deduction-for-PF-under-80C-1024x1024.jpg 1024w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/34.Tax-deduction-for-PF-under-80C-150x150.jpg 150w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/34.Tax-deduction-for-PF-under-80C-768x768.jpg 768w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/34.Tax-deduction-for-PF-under-80C.jpg 1080w\" sizes=\"auto, (max-width: 127px) 100vw, 127px\" \/><\/p>\n<p><strong>For further details access our website <a href=\"https:\/\/vibrantfinserv.com\/\">https:\/\/vibrantfinserv.com\/<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is advance tax Advance tax is the taxes paid in advance on the estimated income of the current financial year. It is a way of paying tax on an ongoing basis rather than waiting until the end of the year. In India, individuals and businesses require to pay advance taxes if their tax liability\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-advance-tax\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":2280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1459,7,65],"tags":[1498,1609,20656,4676,33163,15780,1208,15754,2184,33172,973,20007,7551,3226,1085,3152,519,511,20027,2220,5068,5123,2070,20169,1598,20153,41078,23890,41384,24240,33911,10693,41383,559,4808,3922,4038,4054,4707,20571,1567,20967,4024,5954,2577,19453,3181,25364,4805,4717,4713,12235,4042,5850,4820,4835,19772,24432,4034,4681,20019,4691,10511,23991,1610,4665,10690,2012,735,10398,21197,4865,22516,805,6705,569,10709,21574,6704,5127,524,507,684,355,7912,24915,1741,2148,376,21722,7442,10905,692,7457,436,4694,1725,4052,1285],"class_list":["post-1539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-account-finance","category-bookkeeping-and-accounting","category-itr-filling","tag-accountingtips","tag-advancetax","tag-assetallocation","tag-assetbuilding","tag-assetclass","tag-assetgrowth","tag-assetmanagement","tag-assetprotection","tag-assetsandliabilities","tag-assetstrategy","tag-assetvaluation","tag-budgeting101","tag-budgetingtips","tag-businessassets","tag-businessfinance","tag-businessfinances","tag-businesstax","tag-businesstaxation","tag-businesswealth","tag-cashflow","tag-cashmanagement","tag-corporatefinance","tag-currentassets","tag-economiceducation","tag-economicgrowth","tag-economicinsights","tag-economiciq","tag-economicplanning","tag-economicsavvy","tag-economicsmart","tag-educateyourself","tag-finance101","tag-financeguru","tag-financialadvice","tag-financialeducation","tag-financialempowerment","tag-financialfreedom","tag-financialgoals","tag-financialintelligence","tag-financialiq","tag-financialliteracy","tag-financialplanner","tag-financialsecurity","tag-financialstrategies","tag-financialsuccess","tag-financialunderstanding","tag-financialwellness","tag-fiscaleducation","tag-fiscalresponsibility","tag-investmenteducation","tag-investmentknowledge","tag-investmentmindset","tag-investmentportfolio","tag-investmentstrategies","tag-investmenttips","tag-investmentwisdom","tag-learnfinance","tag-moneyhacks","tag-moneymanagement","tag-moneymatters","tag-moneymindset","tag-moneysmart","tag-moneytalks","tag-moneywisdom","tag-quickassets","tag-smartinvesting","tag-smartmoney","tag-taxableincome","tag-taxadvice","tag-taxationinsights","tag-taxawareness","tag-taxcode","tag-taxdeductibles","tag-taxdeduction","tag-taxeducation","tag-taxefficiency","tag-taxefficientinvesting","tag-taxinsights","tag-taxknowledge","tag-taxlaw","tag-taxliabilities","tag-taxliability","tag-taxmanagement","tag-taxplanning","tag-taxprofessionals","tag-taxproficiency","tag-taxrefund","tag-taxreturns","tag-taxsavings","tag-taxsavvy","tag-taxseason","tag-taxsmart","tag-taxstrategy","tag-taxtime","tag-taxtips","tag-wealthaccumulation","tag-wealthbuilding","tag-wealthcreation","tag-wealthmanagement"],"yoast_head":"<!-- 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