Vardan Singh Sengar (Accounts Manager in Private Company) (433 Points)
09 March 2013PROCEDURE OF CALCULATING ADVANCE TAX ???
TO CALCULATE QUARTERLY ON WHAT BASIS???
ON GROSS PROFIT OR NET PROFIT OR ON QUARTELY TURNOVER???
CA.D.RAGAVAN
(CHARTERED ACCOUNTANTS)
(219 Points)
Replied 09 March 2013
At a Point of Calculating Advance Tax, Say 15th Sep., We have to Proceed with the Income so far earned (From Turnover Achieved, G.P. Ratio and the Expenditure so far made and also taking into account the Annual Charges like Depreciation, Interest on Borrowings Etc). Annualise the Same to Whole Year, arrive at the Tax Payable. And Then Estimate Your Advance Tax for Sep Due
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