Advance Tax

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chandan (Querist)
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12 December 2016 Hi experts, I want to ask.our company did not pay any advance tax in previous year.But self assessment tax was paid for Rs. 45000.How to calculate the advance tax for this quarter?

Sandeep Dharar

Sandeep Dharar (Expert)
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12 December 2016 U may take the help of the following link:-

https://www.incometaxindia.gov.in/pages/tools/advance-tax-calculator.aspx

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KAVIRAJA ADDANGADI online

KAVIRAJA ADDANGADI online

(Expert)
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12 December 2016 Advance tax to be paid in 4 quarters. First quarter 15% of taxable liability, 2nd quarter 45% of tax liability, third quarter 75% of tax liability and fourth quarter 100% of tax liability after adjusting tax paid.

If any short fall of payment of Advance tax you have to pay interest u/s 234C.

So first you have to arrive approx taxable income for the year. You have to calculate 75%, same has to be paid, since you have not paid advance tax for first and second quarter.

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chandan

chandan (Querist)
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14 December 2016 can we deposit advance tax once in march?? I mean if we pay 100% of tax in march what rate of interest or penalty we have to pay?

Sandeep Dharar

Sandeep Dharar (Expert)
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14 December 2016 That is not advance tax. That is self assessment tax. U must have to pay the tax in installments.

chandan

chandan (Querist)
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14 December 2016 ok.We are not paying any advance tax this month too.can we pay through self assessment if yes,then kindly help

Sandeep Dharar

Sandeep Dharar (Expert)
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14 December 2016 If u had advance tax liability and u r not paying it on time then u need to pay interest for it. U may visit the following link:-

https://www.charteredclub.com/advance-tax/

chandan

chandan (Querist)
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14 December 2016 Thank you for the information sir

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