Advance tax is the amount of income tax that is paid much in advance rather than a lump-sum payment at the year-end. Also known as, earn tax.Advance tax is to be paid in instalments as per the due dates decided by the income tax department.
Every Limited Liability Partnership registered under the Limited Liability Act, 2008 has to make certain compliances. One of such compliance is the filing of Form 11 with Ministry of Corporate Affairs. Every financial year, an LLP has to file this Form 11 online on the MCA Portal.
In Budget 2020, government introduced ‘new tax regime’ scheme where taxpayers could pay taxes at a lower rate without availing any exemptions and various deductions that were available to a tax payer.
Central Board of Direct Taxes had made it mandatory to link PAN and Aadhar by 30 June 2023 by paying a penalty of Rs.1,000, failing which would result in PAN becoming inoperative and the taxpayer would not be able to complete any transaction which requires PAN as a mandatory requirement.
