Dear Sir,
Please explain how to calculate advance rax with exaple, it could be very helpful.
Appreciate your feedback.
13 Replies
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 25 May 2022
Estimate total income and calculate the estimated tax for the financial year and apportion it to quarter as per the percentage
Umesh Bhise
(119 Points)
Replied 25 May 2022
Dear Sir,
Upon profit we have to pay the Advance Tax.. What will be the percentage.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 25 May 2022
It depends on the status of tax payer.
If you are company then 31.2%
If you are company then 31.2%
sabyasachi mukherjee
(27574 Points)
Replied 25 May 2022
The querist must state the nature of the assesse.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 25 May 2022
If it is proprietorship then tax will be as per slab rates
Umesh Bhise
(119 Points)
Replied 25 May 2022
Dear Sir,
Thanks for your valuable response...
We are a Proprietorship Firm... Then what will be the slab rate...
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 25 May 2022
Total tax liability* 15% is the advance tax liability by 15th June
sabyasachi mukherjee
(27574 Points)
Replied 29 May 2022
Total estimated income, nature of the assesse or any other details not provided.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 29 May 2022
Use advance tax calculator by income tax, link is provided below:-
https://www.incometaxindia.gov.in/pages/tools/advance-tax-calculator.aspx
https://www.incometaxindia.gov.in/pages/tools/advance-tax-calculator.aspx
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 29 May 2022
Queriest has quoted that they belongs to proprietorship.
Total estimated tax liability* 15% is the advance tax liability by 15th June, 2022
Total estimated tax liability* 15% is the advance tax liability by 15th June, 2022
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 29 May 2022
I know this @ Eshwar Reddy but i m providing calculator so the person himself do the calculation.
sabyasachi mukherjee
(27574 Points)
Replied 01 June 2022
The calculator are easily available nowadays. So it's not at all a difficult task.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 02 June 2022
@ Umesh Bhise ,
Tax slabs as per old regime
2.5lacs to 5lacs : 5%
5lacs to 10lacs : 20%
Above 10lacs : 30%
+ 4% cess
Tax slabs as per old regime
2.5lacs to 5lacs : 5%
5lacs to 10lacs : 20%
Above 10lacs : 30%
+ 4% cess
Recent Topics
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
Related Threads
CAclubindia
