Taxation of Advance Income Tax in India

This paper reviews the system and procedure of payment of advance income tax in India. It highlights the incomes and the assesses who are chargeable to pay the advance income tax in India under the existing Income tax Act 1961. The various due dates and the penalties associated with the payment of advance tax are discussed along with the procedure of payment of advance tax electronically.Interpretation and analysis has been done with reference to the amount of direct tax revenue collection by the government of India under five different heads, viz., Advance Tax, TDS- Tax Deductions at Source, Self-Assessment Tax, Regular-Assessment Tax and Other Direct Tax Receipts. The collection of advance tax and its year to year growth and its contribution to the total direct tax collection revenue has been critically analysed.The duration of this study comprises of eighteen years starting from the year 2001-02 and ending on the year 2017-18. Secondary data has been collected from the government of India's websites. MS office - excel has been extensively used for the data tabulation, interpretation and analysis to arrive at conclusions