OUT REACH PROGRAMME BY INCOME TAX DEPARTMENT ON IMPORTANCE OF PAYMENT OF ADVANCE TAX

The Vizagapatam Chamber of Commerce and Industry (VCCI), in association with AP Chambers and Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI), organized an awareness meeting on Advance Tax for its members on 14th March 2026 at Dutt Island, VCCI Conference Hall.

At the outset, Sudarsan Swamy, President of VCCI, briefed the gathering about the activities of VCCI and how the Chamber has been actively supporting the implementation of government policies, while also undertaking various social initiatives aimed at community development. Following his address, the session on Advance Tax commenced.

The session was led by officials from the Income Tax Department of India, including S. Krishna Rao, IRS – Joint Commissioner of Income Tax; Nilofar, Assistant Commissioner of Income Tax; B. Ruthwik, Assistant Commissioner of Income Tax; and T. Venkateswarulu, Chartered Accountant.

The officials explained that Advance Tax should be viewed as an asset rather than an expense, as it represents tax paid in advance against one’s annual tax liability. They clarified that taxpayers with a tax liability of ₹10,000 or more must pay advance tax in instalments and highlighted that excess advance tax paid will be refunded with 6% interest per annum.

The meeting was coordinated by our EC member W. Sridhar. Members from VCCI, AP Chamber & FAPCCI have attended . The session helped members understand the importance and benefits of timely advance tax compliance.