Advance tax??

If u dont pay advance4 tax but u pay the full tax within the specified term..is there any harm???

Also how come an indiviual knows he has to pay tax.......if is not sure whether his tax is going to be more than 5k???

Do we get notice frm it office to pay advance tax if we knows its going to pass(e.g high business salary ppl,or salaried one)

You have to pay advance tax if your short term profit is going to exceed Rs.5000 . You have to project it on your own. If you dont pay advance tax, and try to pay it at once , then interest is charged at the rate of 1% per month.

Better get in touch with a CA for more details.