Advance tax

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Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2011 Dear sir,

Give us advance tax calculation method.

Regards,

shankar

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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23 September 2011 advance tax will be payable by the assessees whose total tax payable exceeds Rs.10000(from A.Y.2011-12) and not offered income under section 44AD or 44AE(from A.Y.2011-12) as follows
For other than companies:

upto date Liable to pay advance tax
15-sep 30% of total tax liability
15-dec 60% of total tax liability
15-mar 100% of total tax liability

For companies:
upto date Liable to pay advance tax
15-june 15% of total tax liability
15-sep 45% of total tax liability
15-dec 75% of total tax liability
15-mar 100% of total tax liability

Note: Total tax liability = Total income tax payable for the year - TDS(if any)

i.e for the purpose of advance tax tds if any for that year is also treated as payment of advance tax.
The advance tax will be estimated on the basis of the previous year's income/income tax paid to the current year and estimated increase in the profits/incomes for the current year.
OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2011 Thank u

very good for quick reply

shankar

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