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Advance Tax

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(Querist)
24 December 2008 We r a propreitorship firm it seem to us that our tax lability will across the limit of Rs. 5000 /- then how we have to paid our Tax.I am not confirm pretty much about the three installment which we have to paid . So Please throw some light on it.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
24 December 2008 Estimate the tax liability for the year:

the schedule for payment of advance tax as per sec 210 is as per under:

Advance Tax is payable when tax liability is Rs.5000 or more (after deducting the amount of TDS)

pay 30% of tax upto 15th Sept.(1st Inst.)
pay 60% of tax upto 15th Dec.(2nd Inst.)
pay 100% of tax upto 15th Mar.(3rd Inst.)

In case we are talking of AY 2009-10 where the time for first two instalment has already lapsed, then we may deposit the entire amount by 15the march
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PARDEEP SINGH

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PARDEEP SINGH (Querist)
24 December 2008 thanks for answering
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