Dear Sir,
Please explain how to calculate advance rax with exaple, it could be very helpful.
Appreciate your feedback.
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Advance Tax Related Information
Replies (13)
Quick Summary
Estimate total income and calculate the estimated tax for the financial year and apportion it to quarter as per the percentage
Dear Sir,
Upon profit we have to pay the Advance Tax.. What will be the percentage.
It depends on the status of tax payer.
If you are company then 31.2%
If you are company then 31.2%
The querist must state the nature of the assesse.
If it is proprietorship then tax will be as per slab rates
Dear Sir,
Thanks for your valuable response...
We are a Proprietorship Firm... Then what will be the slab rate...
Total tax liability* 15% is the advance tax liability by 15th June
Total estimated income, nature of the assesse or any other details not provided.
Use advance tax calculator by income tax, link is provided below:-
https://www.incometaxindia.gov.in/pages/tools/advance-tax-calculator.aspx
https://www.incometaxindia.gov.in/pages/tools/advance-tax-calculator.aspx
Queriest has quoted that they belongs to proprietorship.
Total estimated tax liability* 15% is the advance tax liability by 15th June, 2022
Total estimated tax liability* 15% is the advance tax liability by 15th June, 2022
I know this @ Eshwar Reddy but i m providing calculator so the person himself do the calculation.
The calculator are easily available nowadays. So it's not at all a difficult task.
@ Umesh Bhise ,
Tax slabs as per old regime
2.5lacs to 5lacs : 5%
5lacs to 10lacs : 20%
Above 10lacs : 30%
+ 4% cess
Tax slabs as per old regime
2.5lacs to 5lacs : 5%
5lacs to 10lacs : 20%
Above 10lacs : 30%
+ 4% cess
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