Advance tax calculation for partnership firm

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Chakresh Wagh

Chakresh Wagh (Querist)
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26 March 2010 Pls explain in brief advance tax calculation for partnership firm

Thnx a lot

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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26 March 2010 1st estimate your income,
then calculate tax @ 30.9%,
if tax payable is more then 5000,
then pay advance tax,

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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

CA Ashok Kumar Sahu (Expert)
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26 March 2010 thanks for updation

Gunjan Agarwal

Gunjan Agarwal (Expert)
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24 February 2014 How to calculate advance tax for Partnership Firm

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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