Advance tax calculation for partnership firm
This query is : Resolved
Chakresh Wagh
(Querist)
26 March 2010
Pls explain in brief advance tax calculation for partnership firm
Thnx a lot
Thnx a lot
CA Ashok Kumar Sahu
(Expert)
26 March 2010
1st estimate your income,
then calculate tax @ 30.9%,
if tax payable is more then 5000,
then pay advance tax,
then calculate tax @ 30.9%,
if tax payable is more then 5000,
then pay advance tax,
26 March 2010
With effect from 01/04/2009 the limit of Rs.5,000/- has been enhanced to Rs.10,000/-.
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CA Ashok Kumar Sahu
(Expert)
26 March 2010
thanks for updation
Gunjan Agarwal
(Expert)
24 February 2014
How to calculate advance tax for Partnership Firm
25 February 2014
Estimate the current income and the calculate income tax and cess @ 30.90%. Estimation can be made based on -
+ immediately preceding years declared income.
+ further adjusted to changes in income anticipated in current year.
The tax calculated as above has to be paid in three installments viz.,
+ on or before 15th September - not less than 30% of such tax,
+ on or before 15th December - not less than 60% as reduced by the payment made above.
+ on or before 15th March - the whole amount of such advance tax as reduced by the payment made as above.
+ immediately preceding years declared income.
+ further adjusted to changes in income anticipated in current year.
The tax calculated as above has to be paid in three installments viz.,
+ on or before 15th September - not less than 30% of such tax,
+ on or before 15th December - not less than 60% as reduced by the payment made above.
+ on or before 15th March - the whole amount of such advance tax as reduced by the payment made as above.
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