01 February 2008
Some Points to calculate Advance Tax: 1. See whether your advance tax payable is Rs.5000/more or not if yes , you shall be liable to pay advance tax.
2. estimate your current income & pay advance tax thereon keeping in mind its Due Dates. 3. Compute Tax on the estimated income of the current year at the rates in force during the FY. 4. deduct TDS from the tax so calculated. Challan No./ITNS:280
Some Points to calculate Advance FBT:
The amt of Advance Tax payable in the FY shall be 30% (+SC+EC) of the value of the F benefit paid or payable in each Quarter. The method of payment of these installments is same as in the case of advance tax installments.
Challan No./ITNS:283
If the taxpayer fails to pay advance tax, the AO may pass an order requiring to pay advance tax on his CY’s income (specifying the amt of installments in which tax has to be paid). On receipt of the notice, the assessee can submit his own estimate of lower current income/advance tax & pay pay tax accordingly. In such a case he has to send an intimation in Form No. 28A to the AO.
Interest is payable u/s 234B & C if assessee has not paid advance tax or underestimated installments of Advance Tax.
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