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Advance Tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 March 2011 What is advance tax, who are liable to pay advance tax? Manish Sarawgi Cost Accountant
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BALASUBRAMANYA B Npro badge

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BALASUBRAMANYA B Npro badge (Expert)
14 March 2011 Advance tax means collecting tax in adv in PY itself...

If you have tax payable more then 5k then you need to pay Adv tax in PY itself..

For ex:
If your tax payable for FY 2009-10 5k and more, then u need to pay in Adv tax in same FY..

15th September:-not less than 30% of tax payable

15th December:-not less than 60%

15th March:-100%
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CA KRISHNA KUMAR DARUKA

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CA KRISHNA KUMAR DARUKA (Expert)
14 March 2011 The basic concept of advance tax is to pay tax as you earn your income.
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