Advance tax calculation for partnership firm
This query is : Resolved
26 March 2010
Pls explain in brief advance tax calculation for partnership firm
Thnx a lot
Thnx a lot
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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26 March 2010
thanks for updation
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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