Advance tax

Refer sec.207, 208 and 209 of the IT act.

it should me computed as provision of section 208 and 209 of income tax act 1961, there is no scale available for advance tax.

You shall first estimate your curent income based on last year & calculate tax on that income at the rates in force in the financial year

1.Advance tax shall be calculated by estimating the current income and then applying the tax rates in force.TDS/TCS and MAT credit shall be deducted to arrive at advance tax liabilty.

2.An assessee is reqd to pay advance tax if his liability for advance tax is Rs10000 or more.

AMENDMENT BY FINANCE ACT,2012

1Advance tax is not payable by:

an individual resident in india who does not have any income chargeable under the head "profit &gains from business or profession and whose age is 60 years or more at any time during previous year

2.For computing the liability of advance tax of the assess:

the incme tax computed above shall not be reduced by the TDSor TCS deductible/collecting during the FY. if a person is responsible for deducting TDS or collecting TCS has failed to deduct TDS of the income  paid by assessee or has failed to collect the TCS on the amount received by assesse.

Hi, please guide me how to compute HRA and what is the limit. I am residing in Gurgoan. Thanx

If your total tax liability during the year is more than Rs. 10,000 you are required to pay Advance Tax before the Due Dates

Actually advance tax paid estimated income during  the year.  if Tax liabilty above Rs. 10000.00  after deducted The TDS.

If you have Return file u/s 44AD then did not laible of  Advance tax paid. 

Thanks

Ramanuj