How do we calculate the advance tax
This query is : Resolved
05 December 2012
can u tell me procedure of calculation of advance tax ...
05 December 2012
Project taxable income of the current year based on previous year data after making necessary adjustments like increase or decrease in turnover and expenses, future prospectus of company, deductions as per new taxation policy and applicable income tax rate for the particular Assessment year.
Pay the advances tax in installments accordingly depending upon nature of assessee ie., corporate and non-corporate assessee.
Pay the advances tax in installments accordingly depending upon nature of assessee ie., corporate and non-corporate assessee.
05 December 2012
While calculating Advance Tax payable, assessee needs to make only a projection or estimate of his income, as the actual income could be calculated only by the fiscal year end.
Ø Using the projected income for the fiscal year, the tax payable is to be calculated as per the tax slabs applicable for the current financial year.
Ø From the tax so computed, subtract the tax deducted at source.
Ø Include surcharge and educational cess while calculating advance tax.
Ø The amount arrived at is the advance tax payable, in instalments.
Ø Using the projected income for the fiscal year, the tax payable is to be calculated as per the tax slabs applicable for the current financial year.
Ø From the tax so computed, subtract the tax deducted at source.
Ø Include surcharge and educational cess while calculating advance tax.
Ø The amount arrived at is the advance tax payable, in instalments.
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