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Advance Tax Related Information

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119 Points Joined November 2020
Dear Sir,

Please explain how to calculate advance rax with exaple, it could be very helpful.

Appreciate your feedback.
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On 25 May 2022 at 10:21 Report
Replies (13)
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CFO- at NHTF
58280 Points Joined August 2012
Estimate total income and calculate the estimated tax for the financial year and apportion it to quarter as per the percentage
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On 25 May 2022 at 12:55
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119 Points Joined November 2020

Dear Sir, 

Upon profit we have to pay the Advance Tax.. What will be the percentage. 

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On 25 May 2022 at 13:05
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CFO- at NHTF
58280 Points Joined August 2012
It depends on the status of tax payer.

If you are company then 31.2%
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On 25 May 2022 at 13:18
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Profession Business
28196 Points Joined May 2017
The querist must state the nature of the assesse.
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On 25 May 2022 at 13:20
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CFO- at NHTF
58280 Points Joined August 2012
If it is proprietorship then tax will be as per slab rates
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On 25 May 2022 at 13:21
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119 Points Joined November 2020

Dear Sir, 

Thanks for your valuable response... 

We are a Proprietorship Firm... Then what will be the slab rate... 

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On 25 May 2022 at 13:32
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CFO- at NHTF
58280 Points Joined August 2012
Total tax liability* 15% is the advance tax liability by 15th June
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On 25 May 2022 at 13:36
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Profession Business
28196 Points Joined May 2017
Total estimated income, nature of the assesse or any other details not provided.
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On 29 May 2022 at 08:46
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Chartered Accountant
86505 Points Joined April 2011
Use advance tax calculator by income tax, link is provided below:-

https://www.incometaxindia.gov.in/pages/tools/advance-tax-calculator.aspx
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On 29 May 2022 at 17:27
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CFO- at NHTF
58280 Points Joined August 2012
Queriest has quoted that they belongs to proprietorship.

Total estimated tax liability* 15% is the advance tax liability by 15th June, 2022
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On 29 May 2022 at 17:55
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Chartered Accountant
86505 Points Joined April 2011

I know this @ Eshwar Reddy but i m providing calculator so the person himself do the calculation.

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On 29 May 2022 at 18:31
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Profession Business
28196 Points Joined May 2017
The calculator are easily available nowadays. So it's not at all a difficult task.
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On 01 June 2022 at 23:23
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CFO- at NHTF
58280 Points Joined August 2012
@ Umesh Bhise ,

Tax slabs as per old regime

2.5lacs to 5lacs : 5%
5lacs to 10lacs : 20%
Above 10lacs : 30%

+ 4% cess
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On 02 June 2022 at 07:17

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