12 December 2016
Hi experts,
I want to ask.our company did not pay any advance tax in previous year.But self assessment tax was paid for Rs. 45000.How to calculate the advance tax for this quarter?
12 December 2016
Advance tax to be paid in 4 quarters. First quarter 15% of taxable liability, 2nd quarter 45% of tax liability, third quarter 75% of tax liability and fourth quarter 100% of tax liability after adjusting tax paid.
If any short fall of payment of Advance tax you have to pay interest u/s 234C.
So first you have to arrive approx taxable income for the year. You have to calculate 75%, same has to be paid, since you have not paid advance tax for first and second quarter.
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