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Advance tax calculation

Aparnaa (Student ) (349 Points)

18 June 2008

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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10 Replies

Amit (Service) (457 Points)
Replied 18 June 2008

For which assesse ? Company or Individual ???????

Amit

Aparnaa (Student ) (349 Points)
Replied 18 June 2008

For individual

Aparnaa (Student ) (349 Points)
Replied 18 June 2008

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

-------------

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 18 June 2008

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

CA Vivek Jain (SERVICE) (1550 Points)
Replied 18 June 2008

234C AND 234B INTEREST CALCULATOR.
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

Attached File : 20 234b c interest calculator.xls downloaded: 487 times

Aparnaa (Student ) (349 Points)
Replied 21 June 2008

hi i need clarification regarding how advance tax figure has been arrived at?

Samrendra (Asst. Manager- Internal audit) (221 Points)
Replied 21 June 2008

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.