alleryStart learning →By what other name is the advance tax scheme often known?
APay-as-you-earn scheme
BRefund claim scheme
CSelf-assessment scheme
DPresumptive tax scheme
Answer & Solution
Correct answer: A. Pay-as-you-earn scheme
Advance tax is paid in instalments during the year as income is earned, hence called pay-as-you-earn.
Keep practising Deduction, Collection and Recovery of Tax
Browse all Deduction, Collection and Recovery of Tax questions for CA Final, or explore more Taxation topics.
Related questions
A shorter payment period than thirty days needs previous approval of theDefault in one instalment under 220(5) makes the assessee in default forUnder 220(3), the Assessing Officer may allow the assessee to payLate payment of a demand attracts simple interest per month atUnder section 220(1), a demand notice amount is payable withinA collector must give the buyer a certificate that tax has beenCollecting tax at source under 206C isA seller fails to collect tax under 206C. He is still liable to