Advance tax
This query is : Open
Bicky Saha
(Querist)
11 September 2012
PLZ, HELP ME HOW TO CALCULATE ADVANCE INCOME TAX IN PROPRIETORSHIP FIRM & PARTNERSHIP FIRM & INDIVIDUAL.
CA Ilayaraja
(Expert)
11 September 2012
1.Compute tax on projected total income according to the slab rates for individual and at 30% rate for partnership firm after considering allowable salary and interest on partners.
2. 30% of step 1 should be paid on or before 15th sep
3. another 30% of step 1 should be paid before 15 december taking total tax deposited to 60%
4. the remaining 40% of step 1 should be paid before 15 march which takes total tax deposited to 100%
2. 30% of step 1 should be paid on or before 15th sep
3. another 30% of step 1 should be paid before 15 december taking total tax deposited to 60%
4. the remaining 40% of step 1 should be paid before 15 march which takes total tax deposited to 100%
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