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India, officially the Republic of India (ISO: Bhārat Gaṇarājya), [21] is a country in South Asia.It is the seventh-largest country by area; the most populous country from June 2023 [22] [23] and from the time of its independence in 1947, the world's most populous democracy.
Advance tax refers to paying part of the taxes before the end of the financial year. It is also called the "pay-as-you-earn" scheme. Taxpayers can pay quarterly if the tax paid for previous year was between EUR 5,000 – EUR 16,600, or monthly, if the tax paid for previous year was higher than EUR 16,600.
Advance payments made as a loan are generally repayable but this is not always the case. In Leibson Corporation and Others v TOC Investments Corporation and Others, an English Court of Appeal case in 2018, [3] it was established following principles of contractual interpretation that, in the absence of any specific language to the contrary, an "advance" is not always repayable.
An advance pricing agreement (APA) is an ahead-of-time agreement between a taxpayer and a tax authority on an appropriate transfer pricing methodology (TPM) for a set of transactions at issue over a fixed period of time [1] (called "Covered Transactions").
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EFTPS allows scheduling payments up to 365 days in advance. Payments cannot be scheduled in advance more than 30 days with Direct Pay. EFTPS allows taxpayers to pay federal taxes 24/7. Direct Pay only allows for the payment of individual tax payments (1040 series) and estimated taxes. It does not cover business-related taxes.
Scam letter posted within South Africa. An advance-fee scam is a form of fraud and is one of the most common types of confidence tricks.The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster claims will be used to obtain the large sum.
A few of these taxes include inheritance tax, [5] interest tax, gift tax, wealth tax, etc. Wealth Tax Act, 1957 was repealed in the year 2015. [6] Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 1957 .