Advance i .t.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2012 Dear Experts Thanks
My Q .is as follow

Total Income from business up to 31/03/2013
after deducting direct expence 67 L
Income from salary & other 3.65 K
TDS deducted 9.60

I pay in Sept.2012 Advance Tax 48 K

How much Advance tax i should pay before march 2013

kindly advice waiting your valuable reply

aadish

aadish (Expert)
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14 December 2012 your income tax liability coming out to be 989500 after deducting TDS and on 15th december 60% shall be due i.e 989500*60% = 593700 from which u had alreadyb paid 48000 now u have to paid 545700, Slab rate has been taken for individual and salary taken 365000 and business taken propritorship not company.

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Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2012 Thanks Aadish
Liability you shown is perfect.& indiviual & propritorship is also ok.

Kindly suggest how i can minimise Tax for that what steps i should take in future or upto March-2013. Naturally i don't want to pay that much tax.

Thanks

aadish

aadish (Expert)
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15 December 2012 DEDUCTIONS
Deduction in respect of life insurance premia, provident fund, etc. but not more than Rs.1lac
Any sums paid towards:
Insurance premium
Contribution to Provident Fund
National Saving Certificates
Tuition Fees of self, spouse or child (not more than 2)
Installment of housing loan
u can consider above all, under sec 80c u can take deduction upto 1 lac, n further u/s 17(2) medical bill exemption upto15,000 and deduction u/s 80d medical policy upto 15000, if u had paid any donation to recognised institution in cash also but upto 10000, u can take deduction of 5000. means u should see deduction chapter of income tax i.e VIA and u can invest as per Rajiv gandhi equity scheme upto 50000 and take deduction of 25,000, (as per conditions of scheme)

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