Formula to find advance tax

Assuming your estimated profit for the year as compared to turnover you can know it........ ....... and as per profit you should deposit 15% of tax on or before 15th June. 45% on or before 15th Sep., 75% up to 15th Dec. & remaining  up to 15th March , so you can save at least the Interest part .

Calculating and paying advance tax is an important aspect of managing your finances as a business owner. Advance tax is typically applicable to individuals, including businessmen, whose total tax liability for the financial year is expected to be more than Rs. 10,000.

To calculate and pay advance tax, follow these steps:

1. Estimate Your Income: Start by estimating your total income for the financial year. As a service-based business owner, you'll need to consider your service income and any other sources of income.

2. Estimate Expenses: Deduct allowable business expenses from your estimated income. This will give you an estimate of your taxable income.

   For further more detailed information on this topic visit: Interest on delayed Income Tax/TDS/GST/any statutory payment: when allowed as a deduction

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