How to calculate advance tax?
How to calculate and pay a tax fee?
Advance tax means that income tax should be paid in advance instead of lump-sum payments at the end of the year. It is also known as pay as you earn a tax. These payments should be made in instalments according to the deadlines given by the income tax department.
Who should pay tax income?
Sales, freelance translators and businesses. – If your tax liability is R 10,000 or more, you must previously pay tax in the financial year. With an advanced tax that applies to advanced taxes, salaries, royalties and companies. Older people, older than 60 years or older, do not have to pay taxes beforehand.
Suspected businesses – When taxpayers choose a pre-defined scheme, business income is ₹ 2% less than 2% of turnover, except for tax exemption from FY2017-18.
The reported revenue for FY 2016-17 – Taxpayers who opt for a budget project must pay the full amount of their original taxes on or before March 15. If they have to pay their fiscal payments on March 31, that’s fine. Start FY 2016-17. Companies with turnover of RK 2 crores or less can choose this scheme.
Predicted income for professionals for FY 2016-17- this scheme includes doctors, lawyers, architects, etc. They are designed for professionals like her. If they receive 50 lakhs or less (Article 44AD). Taxpayers have to pay a three-month subscription.
Due dates for payment of the advance payment tax
FY 2017-18 & FY 2016-17 For individual and corporate taxpayers
| Due Date | Advance Tax Payable |
|---|---|
| On or before 15tpayable on | 15% of advance tax |
| On or before 15th September | 45% of advance tax |
| On or before 15th December | 75% of advance tax |
| On or before 15th March | 100% of advance tax |
For taxpayers who have opted for the Tax Provision Scheme – Business Income
| Due Date | Advance Tax Payable |
|---|---|
| by 31st March | 100% of advance tax |
Taxpayers choose to set a tax on the taxable property, taxation or leasing business
| Due Date | Advance Tax Payable |
|---|---|
| On or before 15tpayable on | 15% of advance tax |
| On or before 15th September | 45% of advance tax |
| On or before 15th December | 75% of advance tax |
| On or before 15th March | 100% of advance tax |
For FY 2014-15 and FY 2015-16
| Due Date | For corporate taxpayers | For individual taxpayers |
|---|---|---|
| On or before 15th June | 15% of advance tax | – |
| On or before 15th September | 45% of advance tax | 30% of advance tax |
| On or before 15th December | 75% of advance tax | 60% of advance tax |
| On or before 15th March | 100% of advance tax | 100% of advance tax |
