MANAGEMENT

Detailed explanation-1: -In case you miss the deadline of paying your fourth installment on 15 March, you can make the payment by 31 March. What happens if advance tax paid is more than the total tax liability? If the advance tax paid is more than the total tax liability, the extra amount will be refunded.

Detailed explanation-2: -Total tax makes up all the taxes you owe over a year. Total tax is how the IRS figures out to see if you need a refund or if you owe the government money. Deductions lower your taxable income.

Detailed explanation-3: -Tax levied directly on the income earned is called as direct tax, for example Income tax is a direct tax. The tax calculation is based on the income slab rates applicable during that financial year.

Detailed explanation-4: -Tax rebate refers to the relief you can claim to reduce income tax burden. It refers to the amount of tax liability that you, as a taxpayer, do not have to pay. Tax refund, on the other hand, refers to the amount you receive from the government because your paid taxes exceed your computed tax liability.