Income tax law is not static. The taxpayer must be conscious of all these changes. The most worthy
of these provisions include
• Withholding Tax: Tax at source to be deducted by employers and other third parties while
making payments as salary, rents, or contractor's fees.
Charge of penalty and interest are charged in case of failure of return filing before the due date or if
there exist some sources of income which have to be reported.
• Advance Tax: Most countries have a provision that if the income of those people is not
subjected to TDS, the expectation would be that they pay advance tax when they foresee
earning a minimum amount.