Advance Tax Rates
1.1 Advance Tax to Normal taxpayer
|1||By Poush end||40% of estimated tax|
|2||By Chaitra end||70% of estimated tax|
|3||By Ashad End||100% of estimated tax|
Amount to be paid under each instalment is 90% of the amount of estimate or revised estimate payable as the instalment of tax for each instalment period for the year reduced by the amount of each instalment paid by the person for an income year.
It is not required to pay advance tax if tax payable is less than Rs 7,500. In FY 2075-76 it was Rs 5,000.
1.2 Advance Tax to taxpayer based on turnover
|1||By Poush end||Tax at the rate specified on actual transaction up to 20th of Poush|
|2||By Ashad end||Remaining Amount of Tax calculated at the rate specified on estimated transaction amount at Ashad end based on actual transaction up to 20th of Ashad.|