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Advance tax estimated income where I have to take doubt Generally

15 March 2023

if our total tax payable exceeds rupees 10000 means we are liable to pay advance Tax...

advance tax calculated Estimated income everybody telling

suppose Fy 22-23 means how do I estimate my total income whether I have to see the whole year income net profit of this financial year ???

typically could you please guide me

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15 Replies

Lotus Agrawal (Practice) (1361 Points)
Replied 15 March 2023

Yes. you need to see the whole year income and calculate tax thereon. If any portion of advance tax has been paid before that can be deducted and balance need to be paid.

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MPR Sanjay Kumar (3118 Points)
Replied 15 March 2023

@ Lotus choudary sir was advanced tax is not applicable for salary a person???

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 15 March 2023

It is employer responsibility to deduct tax on salary income. So advance tax is not applicable for salary category unless there is income from various sources of income other than salary

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MPR Sanjay Kumar (3118 Points)
Replied 15 March 2023

@ eswar Reddy sir ,for an example Fy 22-23 year annula income iam paying for this quarter year or Ay 23 -24 ????

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 15 March 2023

AY-2023-24, Tds deduction will be done by your employer based on the taxable income

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Lotus Agrawal (Practice) (1361 Points)
Replied 15 March 2023

In case of salary income, TDS is deducted by the employer if applicable. So, no need of advance tax if you don't have any other regular income.

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MPR Sanjay Kumar (3118 Points)
Replied 15 March 2023

@ Lotus choudary and eswar Reddy sir
Plse tell me Dear sir , Advance tax is applicable those who tax liability exceeds 10,000 ... actually for now Fy 22_23 and AY 23-24 for which year they calculating estimate income ?? Q1 means mar15 to June 15 that 3 months income ??

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 15 March 2023

Till March 31st : Tds , Advance options available and after March Self Assessment Tax and Regular assessment tax options also will be available for AY-2023-24

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MPR Sanjay Kumar (3118 Points)
Replied 15 March 2023

@ eswar Reddy sir , for an example iam earning 3 months 15 March to June 15 th earnings RS 20 lakh for 3 months ,so for these Q 1 I have to 15% first quarter advance tax to pay???

Lotus Agrawal (Practice) (1361 Points)
Replied 15 March 2023

No. you have to calculate the estimated income for the whole financial year. i.e. 1-4-22 to 31-3-23 and calculate yax thereon. The Tax calculated above, you