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PREPAID TAX

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3145 Points Joined November 2020
Advance tax

if the total income exceedsRs 10,000 we should have to liable to pay the advance tax...for example (advance taxes are paid the quarterly basis )


My query:
1. Advance tax calculation for April to March or only three quarter month basis??

2. Above the age of 60 ( exempted) person category??

3. could you please explain me the advance tax due date filing with example
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On 19 June 2022 at 16:26 Report
Replies (15)
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Chartered Accountant
86505 Points Joined April 2011
The first thiing i want to clear is that advance tax is required if your tax is more than 10000 not your income.
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On 19 June 2022 at 16:58
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3145 Points Joined November 2020
Tax liability mam?
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On 19 June 2022 at 16:59
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Profession Business
28196 Points Joined May 2017
If not paid sec 234 A, 234B, 234C IS APPLICABLE.
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On 19 June 2022 at 17:27
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3145 Points Joined November 2020
Advance tax calculate for whole year or only quarterly three month basis??
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On 19 June 2022 at 17:31
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CFO- at NHTF
58280 Points Joined August 2012
Tax will be estimated for the whole year and payment will be 15th June , 15th December, 15th March as % based on the category of tax payers
4 Reply
On 19 June 2022 at 17:51
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3145 Points Joined November 2020
For instance my total tax 30,000 means for jun month of 15% of 30000

then for 15 the September 45% 30000

for December 15 th 75% of Rs 30000

for finally March 100 % of Rs 30000.


why I stallment basis??
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On 19 June 2022 at 18:06
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Chartered Accountant
86505 Points Joined April 2011
Tax liability means amount of tax payable on total income
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On 19 June 2022 at 18:17
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CFO- at NHTF
58280 Points Joined August 2012
@ MPR Sanjay Kumar,

Advance Tax will be paid based on estimated income and actual income can be different.

First quarter only estimated and second quarter has actual information to some extent. So that's why % of advance tax is fixed .
4 Reply
On 19 June 2022 at 18:24
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Chartered Accountant
86505 Points Joined April 2011
Tax calculation made on yearly. income but you have to paid advance tax on percentage basis
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On 19 June 2022 at 19:09
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CFO- at NHTF
58280 Points Joined August 2012
@ MPR Sanjay Kumar,

Why installment basis ?

Suppose you have profits in first quarter and you paid tax and if you incur losses in second quarter then tax calculation can vary.

Considering uncertainty of business and unforseen events , IT Dept implemented instalment system.

Nothing wrong in paying entire advance tax in first quarter itself. But you may loose interest on the excess idle funds lying with IT Dept in the form of advance tax
4 Reply
On 19 June 2022 at 19:18
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Chartered Accountant
86505 Points Joined April 2011
First you get clear on this concept.
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On 19 June 2022 at 19:20
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3145 Points Joined November 2020
Special thanks to Rashmi mam
1 Reply
On 19 June 2022 at 19:23
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Chartered Accountant
86505 Points Joined April 2011
Welcome Dear
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On 19 June 2022 at 19:23
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Need help
695 Points Joined November 2021

There is zero advance tax requirement for senior citizens (so long as income is not from a business or profession).

You just need to make sure the entire tax due is paid before filing the return / 31 July (whichever comes first).

No interest, no fine, no penalty either in such a situation.

1 Reply
On 19 June 2022 at 20:51

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