Advance Tax
India National B.C. (74 Points)
10 December 2017
How to calculate advance tax Payment????
2 Replies
BUNTY BOSE
(2 Points)
Replied 11 December 2017
First quarter will consist 15% of last year total tax, second and third quarter will consist 30% and 30% of last year tax and rest 25% tax will have to give in last quarter..
RAJNISH PANDEY
(33 Points)
Replied 11 December 2017
Calculate your estimated income tax for the financial year and pay the tax in installments of 15,30,75,100 %
For example your estimated tax liability is 50000/- and TDS deducted is 10000/-
You shall pay advance tax in following manner
Advance tax 50000-10000=40000
1 installment 40000*15%=6000
2 installment 40000*30%-6000=6000
3rd install. 40000*75%-12000=18000
last inst. 40000*💯%-30000=10000
For example your estimated tax liability is 50000/- and TDS deducted is 10000/-
You shall pay advance tax in following manner
Advance tax 50000-10000=40000
1 installment 40000*15%=6000
2 installment 40000*30%-6000=6000
3rd install. 40000*75%-12000=18000
last inst. 40000*💯%-30000=10000
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