Advance tax

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sangeeta prajapati

sangeeta prajapati (Querist)
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19 November 2014 Do we have to pay the advance tax if we have carry forward losses.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 November 2014 For computing advance tax you have to compute your estimated income for the year.

Estimated income will be computed after setting off all brought forward losses.

If after set-off of losses your income is less than the taxable limit, then you are NOT required to pay advance tax.