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Calculation of Advance Income Tax

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Overview

Advance Tax under Income Tax Act can be simply understood as an advance estimation of total taxable income under the law and, thereafter, a presumptive calculation of the tax amount payable by the assesse for the relevant financial year.

An assessee who is liable to pay advance tax as per the calculation is required to estimate his current income and pay advance tax thereon without submit any estimate or statement of income to the assessing authorities for making the advance tax payment. In other words, it is payment of the income tax in instalment parts throughout the year at a predefined date, rather than paying the lumpsum tax amount at the end of the year.

Document Required

  • Provisional Balance Sheet
  • Provisional Profit Statement
  • Details of any Advance Tax paid earlier

Time Lines

  • (3 to 7 Days)
  • Purchase the Service
  • Upload / send the Documents
  • Discussion with expert
  • Preparation of Draft
  • Confirmation to client

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