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The Income Tax Act, 1961, as an individual, you have to pay advance tax if the total tax payable in the relevant financial year exceeds Rs 5,000. Apart from the regular sources of income, like salary, business/profession and other sources like interest, advance tax is also payable on non-regular income like capital gains.Advance tax has to be paid before the relevant financial year comes to an end. So, for the year 1 April 2001 to 31 March 2002, any amount that is paid before 31 March
Small business tax deductions. This means, Certain expenses, are allowed to be deducted from your sales value to reduce your overall taxable profit and hence your small business taxes.These Small business tax advantages are changed regularly by law, and it is important to check the latest information with a good firm of tax accountants.
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