Advance tax

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Mayank (Querist)
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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 )

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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