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Advance Income Tax Payment

This query is : Resolved 

Hi, maybe this query is too basic but I am not sure how things work. Apologies in advance!

Basically my services business (proprietorship) has turnover of around 1 crore, and I pay Advance Tax. So want to know the money I pay Advance Tax from, is that also taxable? or any money that is contributed to tax is not calculated that way?

Thanks you.

Advance tax is paid out of profit earned. Tax is paid on profit earned.

Thanks Sir for reply. So basically if I make total profit of 1 crore in current financial year (2020-2021) then from that 1 crore I have to pay advance tax as below right?

Q1 15% (rs 410625)
Q2 45% (rs 821250)
Q3 75% (rs 821250)
Q4 100% (rs 684375)

Again to confirm, above Advance Tax Payments are tax free amounts.

Am I doing everything correct?

Yes, it's confirmed. You are doing it right.



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