As per the government rules, how much percentage of advance tax needs to be paid by 15th June by an individual who is liable to pay advance tax?

Options

A. 25
B. 15
C. 3
D. 1

Answer

B

Explanation

Explanation: As per the government rules, 15% of advance tax needs to be paid by 15th June by an individual who is liable to pay advance tax. Advance tax is a form of income tax that is payable in case your tax liability exceeds INR 10,000 for a particular financial year. This tax must be paid by the taxpayers in the same year the income is received. For this purpose, advance tax is also known as .pay-as-you-earn. scheme.