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advance tax treatment

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(Querist)
04 February 2017 what is advance tax procedure n treatment in books of accounts
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
04 February 2017 Advance tax is tax to be paid in advance against Income tax, it us paid during the financial year. Advance tax to be on paid in 4 Instalment 15% , 45% ,75% and 100% of tax liability by 15 th of June, sept,Dec and March.

Advance tax paid,TDS deducted to be adjusted against tax provision at the end of year against tax raised on taxable income . Excess paid can be claimed refund filing tax return, if short difference to be payable.
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