ACCT 4316 Advance Income Tax
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The ACCT 4316 Advance Income Tax is a required course for accounting professionals and an optional course for minors. The teaching method is presentation/problem-solving. The course covers complex tax issues with a focus on partnerships, companies, real estate and gifts.
As the name suggests, prepaid tax means that a portion of the tax is paid before the end of the financial year. Prepaid tax is also known as a pay-on-demand plan, and if your tax liability exceeds Rs 10,000 in a fiscal year, you have to pay income tax. It must be paid in the year of income. By paying an advance, you will find that the government does not need to pay all taxes and fees at the same time, thereby helping the government and yourself. Thus, if your prepaid tax liability in fiscal 2017-18 exceeds Rs 10,000, you must pay in the same fiscal year.
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