Advance tax

This query is : Resolved

Mayank (Querist)
Follow

08 December 2014 Please Guide Me How to Calculate Advance Tax
i am working with partnership firm so what basis on i calculate advance tax (turn over is 35 carore approximately )

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

08 December 2014 1. Compute the estimated total income for the whole year.

2. Compute the tax liability on the total income.

3. Reduce the amount in step 2 by TDS already deducted & deposited.

4. The amount arrived at in Step 3 is the total amount of advance tax to be deposited during the year.

Note - This calculation should be made for calculating each installment.