31 January 2017
Dear Sir/Madam I Just want to know that how i calculate advance tax approximate amount.Suppose that My sale up 30.06.2016 is Rs.210000000 and my net profit Rs.8700000. I just want to know how i calculate first installment approximate amount of advance tax to deposit. My firm is partnership firm.
01 February 2017
Dear Kamal,
For a partnership firm, tax rate is flat @30%. Care should be taken to deduct interest on capital and salary paid to partners before calculating net profit. Then Tax @30%.
Assuming your example is net profit after all expenses including above mentioned expenses, tax will be Rs.2688300/-.
Now the advance tax installment is 15% of the above tax amount for June installment.
CAclubindia
