if our total tax payable exceeds rupees 10000 means we are liable to pay advance Tax...
advance tax calculated Estimated income everybody telling
suppose Fy 22-23 means how do I estimate my total income whether I have to see the whole year income net profit of this financial year ???
typically could you please guide me
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Advance tax estimated income where I have to take doubt Generally
Replies (15)
Quick Summary
Yes. you need to see the whole year income and calculate tax thereon. If any portion of advance tax has been paid before that can be deducted and balance need to be paid.
@ Lotus choudary sir was advanced tax is not applicable for salary a person???
It is employer responsibility to deduct tax on salary income. So advance tax is not applicable for salary category unless there is income from various sources of income other than salary
@ eswar Reddy sir ,for an example Fy 22-23 year annula income iam paying for this quarter year or Ay 23 -24 ????
AY-2023-24, Tds deduction will be done by your employer based on the taxable income
In case of salary income, TDS is deducted by the employer if applicable. So, no need of advance tax if you don't have any other regular income.
@ Lotus choudary and eswar Reddy sir
Plse tell me Dear sir , Advance tax is applicable those who tax liability exceeds 10,000 ... actually for now Fy 22_23 and AY 23-24 for which year they calculating estimate income ?? Q1 means mar15 to June 15 that 3 months income ??
Plse tell me Dear sir , Advance tax is applicable those who tax liability exceeds 10,000 ... actually for now Fy 22_23 and AY 23-24 for which year they calculating estimate income ?? Q1 means mar15 to June 15 that 3 months income ??
Till March 31st : Tds , Advance options available and after March Self Assessment Tax and Regular assessment tax options also will be available for AY-2023-24
@ eswar Reddy sir , for an example iam earning 3 months 15 March to June 15 th earnings RS 20 lakh for 3 months ,so for these Q 1 I have to 15% first quarter advance tax to pay???
No. you have to calculate the estimated income for the whole financial year. i.e. 1-4-22 to 31-3-23 and calculate yax thereon. The Tax calculated above, you
@ Lotus choudary sir , okay I am calculating the 1.4.2022 to 31 .3.2023 Estimated income
Then from which months I should have to start the quarterly payments???? For this year
Jun 15 th, sep 15 th ,Dec 15 th and March 15 th...
@ Lotus choudary sir , okay I am calculating the 1.4.2022 to 31 .3.2023 Estimated income
Then from which months I should have to start the quarterly payments???? For this year
Jun 15 th, sep 15 th ,Dec 15 th and March 15 th...
The tax calculated as above, is paid as advance tax in 4 installments as you stated above.
Lotus choudary sir this four instalments are paying Fy or At of this case????
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