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Advance tax calculation for partnership firm (Income Tax)

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This query is : Resolved



( Author )
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.


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