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Need help regarding advance tax

Sohil (Learner) (631 Points)

13 September 2011

Well i am paying advance tax via my netbanking account.

The figure i have arrived is 7000.ANd i was all about to pay but when i logged on.It asked details like basic tax,surchage,education cess,others,penalty,interest .As i put my figure the total will be added if i add the numbers.

I know when computing final tax one has to calculate basic tax and than edu cess and than pay final figure.

But for advance tax i am not sure whether i just have to pay basic tax or have to pay cess right now or i should pay the same in final payment.

Can someone guide on this following point?

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6 Replies

C.A. Sandeep Wawhal (Chartered Accountant PGDFM BCom.) (1823 Points)
Replied 13 September 2011

do this,

you have paid Rs. 7000/-

for basic X = 7000*100/110.3

for surcharge = 0 and

for E.Cess Y = X * 10.3% or 7000 - X

Total X + Y = 7000 or 7000 - (X+Y) = 0

Sohil (Learner) (631 Points)
Replied 13 September 2011

I havent paid the amount.Ill be paying the same today.I am from maharashtra

Last year i paid almost 18000 as tax(last year was first time i surpassed 10000 tax limit hence my basic tax was around 16800 but i wasnt aware of advance tax stuff hence had to pay penalty ).This year i am thinking that my final tax calculation will be around 21000 all cess and stuff included.

30% would be 6300.But i plan to pay 7000total now so how do i pay.

DO i pay 6800and 204( @ 3%) as education cess in advance tax.Or i just pay 7000 as total basic tax and nothing in other columns ?