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Advisory

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Valuation

Business Valuation Valuation under Insolvency and Bankruptcy Code (IBC) Portfolio Valuation Valuation of Brands, Intangible Assets & Intellectual Property Fairness Opinion Services Financial Modelling Services | CompaniesNext Merger Valuation & Swap Ratio Valuation of Financial Securities, Instruments & Derivatives Valuation of Infrastructure Assets & Specialized Assets Acquisition Valuation Services Purchase Price Allocation (PPA) Valuation ESOP Valuation Services Startup Valuation Services Impairment Study for Intangible Assets and Goodwill Quick Value DCF Valuation ESOP Valuation

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When Liability for payment of advance tax arises and how it’s calculated and paid?

Question

When Liability for payment of advance tax arises and how it’s calculated and paid?

Expert Answer

Answered 21 Oct 2022

2102 views

Under section 208, obligation to pay advance tax arises in every case where the estimated tax liability is Rs.10000 or more.

??Advance tax is to be paid in instalments as given below:??

Status	By 15thjune	By 15th sept	By 15th Dec	By 15th March
All assessees (other than the eligible assessee as referred to in Section 44AD or section 44ADA)	Minimum 15% of advance tax	Minimum 45% of advance tax	Minimum 75% of advance tax	Minimum 100% of advance tax
Taxpayers who opted for presumptive taxation scheme of section 44AD or section 44ADA	Nil	Nil	Nil	Minimum 100% of Advance tax

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