Advance tax

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AMIT (Querist)
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22 July 2010
How can i compute my income, without even knowing what would be my income for this year and how can i deposit tax on such income ?

i m in Business, how can i

i know advance tax is payable for tax over Rs.10000

i just don.t understand this

Aditya Maheshwari

Aditya Maheshwari (Expert)
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22 July 2010 It is all based on estimation of total income.

AMIT

AMIT (Querist)
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22 July 2010 sir how ??

give me example plz

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srinath

srinath (Expert)
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22 July 2010 may be take previous year income and forecast ur sales based on tat... apply the profit ratio applicable to u (or general in that industry) and calculate ur profit

may be in the initial years u wil find it difficult.

u may seek the advice of a tax consultant regarding this

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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23 July 2010 Yes the keyword here is estimation which will depend upon you and also can be done in the way suggested by srinath.