Advance Tax Calculation for F.Y.2014-15

By | December 22, 2014
Advance Tax Calculator for Finacial Year .2014-15
Advance Tax Calculator for Assessment Year .2015-16

All  About Regarding Advance Tax
Advance Tax Calculator
        Apart from Deduction of Tax at source while making various payments, Advance Tax is compulsory for every assessee as per  Section 210 under Indian Income-Tax act.   In case tax on assessee’s estimated income of current year  comes to Rs. 10,000 or more-, Advance Tax liability arises for each and every assessee.  Earlier or before 1.04.2009, this limit was Rs. 5,000.00.  Each and Every assessee should take care in the following months regarding Payment of Advance Income Tax.
June
September
December
March
Last day of March
To make more easy understanding regarding Advance Income Tax (Click here) to download the Advance Tax calculator. Complete Section 208, 209, 209A and  210 related to payment of Advance Tax is also given below for your ready record.

Section 208   78[Conditions of liability to pay advance tax.
208. Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is 79[ten thousand] rupees or more.]

Section 209 Computation of advance tax.
209. 80[(1) The amount of advance tax payable by an assessee in the financial year shall, subject to the provisions of sub-sections (2) and (3), be computed as follows, namely :—

             (a)   where the calculation is made by the assessee for the purposes of payment of advance tax under sub-section (1) or sub-section (2) or sub-section (5) or sub-section (6) of section 210, he shall first estimate his current income and income-tax thereon shall be calculated at the rates in force in the financial year;

             (b)   where the calculation is made by the Assessing Officer for the purpose of making an order under sub-section (3) of section 210, the total income of the latest previous year in respect of which the assessee has been assessed by way of regular assessment or the total income returned by the assessee in any return of income furnished by him for any subsequent previous year, whichever is higher, shall be taken and income-tax thereon shall be calculated at the rates in force in the financial year;

              (c)   where the calculation is made by the Assessing Officer for the purpose of making an amended order under sub-section (4) of section 210, the total income declared in the return furnished by the assessee for the later previous year, or, as the case may be, the total income in respect of which the regular assessment, referred to in that sub-section has been made, shall be taken and income-tax thereon shall be calculated at the rates in force in the financial year;

             (d)   the income-tax calculated under clause (a) or clause (b) or clause (c) shall, in each case, be reduced by the amount of income-tax which would be deductible 81[or collectible] at source during the said financial year under any provision of this Act from any income (as computed before allowing any deductions admissible under this Act) which has been taken into account in computing the current income or, as the case may be, the total income aforesaid; and the amount of income-tax as so reduced shall be the advance tax payable.]

82[(2) Where the Finance Act of the relevant year provides that, in the case of any class of assessees, net agricultural income (as defined in that Act) shall be taken into account for the purposes of computing advance tax, then, the net agricul-tural income to be taken into account in the case of any assessee falling in that class, shall be—

             (a)   in cases 83[where the Assessing Officer makes an order under sub-section (3) or sub-section (4) of section 210],—

         (i)   if the total income of the latest previous year in respect of which the assessee has been assessed by way of regular assessment forms the basis of computation of advance tax payable by him, the net agricultural income which has been taken into account for the purposes of charging income-tax for the assessment year relevant to that previous year; or

  84[(ii)   if the total income declared by the assessee for the later previous year referred to in sub-section (4) of section 210 forms the basis of computation of advance tax, the net agricultural income as returned by the assessee in the return of income for the assessment year relevant to such later previous year;]

        85[(b)   in cases where the advance tax is paid by the assessee on the basis of his estimate of his current income under sub-section (1) or sub-section (2) or sub-section (5) or sub-section (6) of section 210, the net agricultural income, as estimated by him, of the period which would be the previous year for the immediately following assessment year.]

(3) Where the Finance Act of the relevant year specifies any separate rate or rates for the purposes of computing advance tax in the case of every Hindu undivided family which has at least one member whose total income of the previous year exceeds the maximum amount not chargeable to income-tax in his case, then, the 86[Assessing] Officer shall, for making an order under 87[sub-section (3) or sub-section (4) of] section 210 in the case of any such Hindu undivided family, compute (subject to the provisions of section 164) the advance tax at such rate or rates—

             (a)   in a case where the total income of the latest previous year in respect of which the Hindu undivided family has been assessed by way of regular assessment forms the basis of computation of advance tax, if the total income of any member of the family for the assessment year relevant to such latest previous year exceeds the maximum amount not chargeable to income-tax in his case;

             (b)   in a case where the total income of the previous year 88[in respect of which a return of income is furnished by the Hindu undivided family under section 139 or in response to a notice under sub-section (1) of section 142] forms the basis of computation of advance tax, if the total income of any member of the family for the assessment year relevant to such previous year exceeds the maximum amount not chargeable to income-tax in his case.

Click here to get free Advance Tax Calculator in Excel
Click here to go for Official Advance Tax Calculator

Leave a Reply

Your email address will not be published. Required fields are marked *