Advance tax
This query is : Resolved
08 December 2014
Please Guide Me How to Calculate Advance Tax
i am working with partnership firm so what basis on i calculate advance tax (turn over is 35 carore approximately )
i am working with partnership firm so what basis on i calculate advance tax (turn over is 35 carore approximately )
08 December 2014
1. Compute the estimated total income for the whole year.
2. Compute the tax liability on the total income.
3. Reduce the amount in step 2 by TDS already deducted & deposited.
4. The amount arrived at in Step 3 is the total amount of advance tax to be deposited during the year.
Note - This calculation should be made for calculating each installment.
2. Compute the tax liability on the total income.
3. Reduce the amount in step 2 by TDS already deducted & deposited.
4. The amount arrived at in Step 3 is the total amount of advance tax to be deposited during the year.
Note - This calculation should be made for calculating each installment.
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