-Income Tax is a Direct Tax charged on the Income of an Assessee. Income Tax is always paid in advance to avoid the interest under sections 234B & 234C. For Salary, it is always deducted as a TDS every month and for other sources of income, it is to be paid in Advance. While accounting for the business transactions every month, Income Tax provision is to be made on an estimated profit for the year. The Income Tax Provision can be made on a monthly or quarterly basis and the…
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