Please let me know how we can determine threw rate of advance tax please explain with exmple.
1 Replies
Arpit Pachisia
(CA)
(734 Points)
Replied 10 May 2014
Hello Manish,
you have to pay advance tax when your tax payment liability exceeds Rs.10,000.
now let us suppose, your total tax payment liability arise for Rs. 15,000 than you as an individual had to pay advance tax in 3 instalments.
on or before 15th Sept -- not less than 30% of advance tax liability (Rs 4500)
on or before 15th Dec -- not less than 60% of advance tax liability (Rs 9000)
on or before 15th Mar -- 100% of advance tax liabilty ( Rs 15000)
Hope this helps.
Thanking you
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