Hi friends,
can any one mail me the procedure for calculation of advance tax when surcharge, rebate, relief applicable for the assessee
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Advance tax calculation
Replies (10)
Hi
For which assesse ? Company or Individual ???????
Amit
For individual
AMOUNT OF ADVANCE TAX PAYABLE:
Say if this is right...
Tax on Estimated income - XXX
+ Surcharge - XXX
_ Rebate n relief - XXX
(if any)
------------
Amt of adv tax payable XXX
-------------
Hi Prakash read sec 234A,234B & 234C From the book that will be helpful from you i dont think you will understand in this way and as ur final student this is in ur curriculam
| 234C AND 234B INTEREST CALCULATOR. | |||||||||
| Interest Calculation from 01.04.2007 to 01.08.2007 | |||||||||
| Total Tax | A | 444,058 | |||||||
| Less TDS Receiable | B | 10,731 | |||||||
| (A - B) | C | 433,327 | |||||||
| Less Advance Tax | 15-Jun-06 | D | - | ||||||
| 15-Sep-06 | E | 50,000.00 | |||||||
| 15-Dec-06 | F | 50,000.00 | |||||||
| 15-Mar-07 | G | 50,000.00 | |||||||
| 150,000 | |||||||||
| Balance Tax | 283,327 | ||||||||
| Interest under 234 B | Months | Rate | Amt | Int | |||||
| 6 | 1% | 16,999.59 | |||||||
| Under 234 B | |||||||||
| Under 234 C | |||||||||
| int for 1 st instalment | 15% | ||||||||
| @ 1% on (15% of ( C - D) )* 3 months | 3 | 1% | 64,998.98 | 1,949.97 | |||||
| int for 2nd instalment | 45% | ||||||||
| @ 1% on (45% of ( C - { D+ E } )) * 3 months | 3 | 1% | 172,496.94 | 5,174.91 | |||||
| int for 3rd instalment | 75% | ||||||||
| @ 1% on (75% of ( C - { D+ E+F } )) * 3 months | 3 | 1% | 249,994.90 | 7,499.85 | |||||
| int for 4th instalment | 100% | ||||||||
| @ 1% on (100% of ( C - { D+ E+F+G } )) | 1% | 283,326.53 | 2,833.27 | ||||||
| 17,457.99 | 34,457.58 | ||||||||
| Net Tax | 317,784.11 | ||||||||
hi i need clarification regarding how advance tax figure has been arrived at?
Advance tax is calcuated on estimated annual income of the previous year on basis of rate of taxes applicable. subject to interest provisions under section 234C and income arise from capital gain and lotery (other source) for which assessee can not estimate in future.
Hi,
How to apply surcharge, rebate, relief if any on estimated income?
Can any one send the Tax calculation file for individual with advance tax and welth tax working details with excel link
What is the new tax slab for F.Y. 2011-12
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