Student
3986 Points
Joined July 2018
1. As per sec 207, advance tax is mandatory for LLP if its tax liability (after TDS ) exceeds Rs. 10,000 during the year.
2. Based on the estimated tax liability advance tax need to be paid for all the 4 quarters and due date and Percentage of advance tax would be as follows,
i) on or before 15th of June - 15%
ii) on or before 15th September - 45%
iii) on or before 15th of December - 75%
iv) on or before 15th of March - 100 %
3. It does not matter whether the firm is in its first year of operations, as long as tax liability in excess of Rs. 10,000 advance tax provision will be applicable to the assessee.
Please correct me if the above solution has an alternative view.