With massive Prem Ratan Dhan Payo and Bajrangi Bhaijaan box office collections, Salman Khan has emerged among the top individual tax payers from Bollywood in Mumbai. Among the others are Akshay Kumar and Shahrukh Khan. Advance tax is paid by individuals if the total tax liability on their estimated income is likely to exceed Rs 10,000 during the financial year. This tax liability is calculated after considering tax deducted at source (TDS). According to the norms laid down by the Income-Tax Act, non-corporate assessees are required to pay 30 per cent of their total advance tax in the second quarter, followed by 30 per cent and 40 per cent in the next two quarters, respectively, on their projected earnings. By the end of December quarter, non-corporate taxpayers would have paid 60 per cent of advance tax.
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