3 Replies
ayusmita
(Tax consultant)
(5890 Points)
Replied 17 January 2021
advance tax is calculated by applying the tax slab rate that are applicable to a particular financial year on his total estimated income for the particular year..
Kapadia Pravin
(17264 Points)
Replied 17 January 2021
Advance tax is calculated on estimated total income (as reduced by available exemption and deduction) at applicable tax slab rates.
You can use tax computation tool on efiling site. There are two schemes of taxation old and new. Calculate for both scheme and then decide beneficial one.
You can use tax computation tool on efiling site. There are two schemes of taxation old and new. Calculate for both scheme and then decide beneficial one.
CA Rashmi Gandhi
(Chartered Accountant)
(86500 Points)
Replied 18 January 2021
Calculate the estimated income and tax thereon. Now calculate advance tax as per the respective quarters.
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