In Budget 2020, government introduced ‘new tax regime’ scheme where taxpayers could pay taxes at a lower rate without availing any exemptions and various deductions that were available to a tax payer.
All about Advance Tax for Taxpayers
What is Advance Tax?
As it can be easily understood, it is payment of the taxes in advance instead of lump sum payment at the end of the year. A taxpayer is liable to pay taxes in advance i.e. before the end of the year. Any taxpayer whose tax liability for the year is Rs. 10,000/- and more shall be liable to pay advance tax. It is popularly known as ‘pay as you earn’ scheme.
The Income Tax Department may keep an eye on those buyers who have brought property from non-resident and have failed to deduct/deposit TDS on the purchase of property from a non-resident.
It is a primary responsibility of the buyer to make sure that before purchasing a property from a resident or a nonresident, an appropriate amount of TDS as applicable as per Income Tax act is deducted and paid to the government well within time.