Govt Reduces Advance Tax on Purchase of Immoveable Property by Filers

The government has approved a 1.5% reduction in the advance tax rate for filers on the purchase of immovable property, according to sources.

The advance tax, currently set at 3-4% under section 236K, is deducted at the time of property sales.

The proposal suggests that while filers would benefit from a 1.5% reduction, the rates for late filers and non-filers would remain unchanged.