Calcultaion of Advance Tax for Companies

Dear All,

 

Can you please explain that how advance tax is calculated for companies ?

Replies (3)
Quick Summary
This discussion clarifies the calculation of advance tax for companies. It explains that advance tax is based on the expected tax liability for the year and must be paid in instalments by specific dates: 15% by June 15th, 45% by September 15th, 75% by December 15th, and 100% by March 15th. Any tax paid by March 31st counts as advance tax, and payments are made via challan ITNS 280.

For Domestic companies...

​Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:​

​Status By 15th June By 15th Sept 15th Dec 15th March
Corporate 15% 45% 75% 100%

​

Any tax paid till 31st March is treated as advance tax.

The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.

Thanks sir ...................................

Most welcome.                           

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