ADVANCE TAX

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AMIT DIRGHANGI

AMIT DIRGHANGI (Querist)
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22 September 2010 HOW COULD I PREPARE TAXABLE INCOME TO CALCULATE ADVANCE TAX.

Please help me in simple way

thanks

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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22 September 2010 Use the last years final excel template.

Put the estimated figures for all the expenses for current FY.

Then calculate the tax payable @ current year's rates.

calculate the % (based on the instalment no.)

Deduct the already paid advance tax.

Deduct the estimated Tax deducted by your party on your income (TDS)

Pay the balance tax (ideally do a rounding of 100/-)