Advance tax

This query is : Resolved

MANGESH SHANTARAM MOHITE (Querist)
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14 September 2011 Respected Sir,

can you please tell me on which amount Advance Tax is calculated.

Thanks & Regards

Mangesh S. Mohite

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 September 2011 For Corporate Assessee

1. On or before 15 June - not less than15% of tax payable
2. On or before 15 September - not less than 45% of tax payable
3. On or before 15 December - not less than 75% of tax payable
4. On or before 15 March - not less than 100% of tax payable

For Non Corporate Entities

1) By 15 September-Up to 30% of Estimated tax payable

2)By 15 December-Up to 60% of Estimated Tax payable

3)By 15 March- 100% Tax

Now to estimate how much advance tax you need to pay, you need to estimate the profit for the ensuing year and thereby Estimated Tax Payable. And this estimation varies from organization to organization.

Also see below article for more details---

https://www.caclubindia.com/articles/concept-of-advance-tax-10847.asp

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