Advance tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2011 Our firm is properitor concern.How to calculate the advance tax and let me know what is percentage to be calculated.

Also Iam having a flat.Can I take rent as the deduction in the salary computation.

Please reply back.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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07 September 2011 Advance tax is liable to pay whose tax in the previous year to the current year exceeds Rs.10000 from the assesment year 2011-12(i.e.Fy 2010-11). However it is provided if the income offered u/s 44AD then there is no liable to pay advance tax. In your case if the gross turnover is not more than 60 lacs and offering income u/s 44AD(i.e minimum 8% on turnover) then no need to pay advance tax. Percentage to be calculated to advance tax payment.
In your case
upto sep 15th 30% of the total Tax Payable
upto dec 15th 60% of the total Tax Payable
upto mar 15th 100% of the total Tax Payable
according the to the above slabs and due dates u should be pay advance taxes otherwise you are liable to pay interest as per sections 234A,234B and 234C.
OM SAI SRI SAI JAI JAI SAI

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