Under the Income Tax Act, the term “person” includes a wide range of entities such as individuals, sole proprietors, partnership firms, LLPs, private or public companies, associations or bodies of individuals (AOP/BOI), Hindu Undivided Families (HUFs), trusts, co-operative societies, foreign companies, government bodies, local authorities, and other artificial juridical persons.
If your total tax liability for the year exceeds ₹10,000, you may be required to pay advance tax in quarterly installments — regardless of your business structure.
Still unsure if Advance Tax applies to your business or income in India?
Connect with the experts at FinFlickTax — we’ll assess your income sources, estimate your tax liability, and guide you through timely and accurate advance tax payments as per the latest rules.