Advance tax calculation for partnership firm

This query is : Resolved 

26 March 2010

Pls explain in brief advance tax calculation for partnership firm

Thnx a lot

CA Ashok Kumar Sahu (Expert)
26 March 2010

1st estimate your income,
then calculate tax @ 30.9%,
if tax payable is more then 5000,
then pay advance tax,

B.Chackrapani Warrier (Expert)
26 March 2010

With effect from 01/04/2009 the limit of Rs.5,000/- has been enhanced to Rs.10,000/-.

CA Ashok Kumar Sahu (Expert)
26 March 2010

thanks for updation

Gunjan Agarwal (Expert)
24 February 2014

How to calculate advance tax for Partnership Firm

B.Chackrapani Warrier (Expert)
25 February 2014

Estimate the current income and the calculate income tax and cess @ 30.90%. Estimation can be made based on -

+ immediately preceding years declared income.
+ further adjusted to changes in income anticipated in current year.

The tax calculated as above has to be paid in three installments viz.,

+ on or before 15th September - not less than 30% of such tax,
+ on or before 15th December - not less than 60% as reduced by the payment made above.
+ on or before 15th March - the whole amount of such advance tax as reduced by the payment made as above.

You need to be the querist or approved CAclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

× Online Coaching My Enrolled Courses
Articles Forum News Experts Exams Share Files Income Tax Accounts Career Corporate Law Service Tax Video Judgements Rewards Top Members Events Albums Find Friends Featured Feed Scorecard Bookmarks Mock Test Poll Notification Knowledge Finder Coaching Institutes Trainee Corner Jobs
close x
Download GST App    |    x