Most taxpayers believe the new tax regime under Section 115BAC means saying goodbye to deductions and exemptions. But here’s the surprise — not all benefits are gone.

Advance Tax, within the scope of Income Tax, refers to tax which is paid in advance i.e. before the financial year ends. It is a mechanism introduced by the Income Tax Department, where the assessee, rather than paying a lumpsum tax at the time of filing ITR, pays tax

Income Tax Return or ITR as it is commonly known, is an annual return filed with the Income Tax Department, where a person fills out the given ITR form to inform the government regarding his/her income and tax thereon.