Advance Tax Calculator
Mostly corporate companies and professionals higher Chartered Accounts for calculating income tax of financial year. But for the salaried persons and company employees whose taxes are nominal they cannot higher CA to compute tax. For them this article will help you. They can exemplify and calculate their income tax through this process. It is not so much lengthy. But for this it is very important for the person to save all the salary slips or the income gained in the business. You must save the bills of whole year to calculate the tax in the right way using advance tax payment calculator. In the financial year, whole income of year will be counted and on that basis your income tax will be deducted from your income.
Here is the information how you can calculate your Commercial tax of gujarat.
First of all you enter the income from salary
Income from capital gain
Income from house property
Income from business and profession
Income from other sources
Now minus the expenses like deduct travel expense, rent of the work place, internet and phone costs.
Now total this amount.
Add secondary and higher secondary cess
Now count the tax payable.
With this process you can also pay advance tax, if you are eligible for this.
What is Advance Tax?
Advance tax is a good option for those who don’t want to pay taxes in lump some amount. This is an installment process, where the tax payer has to pay income as they earn. It is a “Pay as you earn” facility provided to the business and professional whose tax amount is more than 10,000. The salaried persons who earns income from capital gains, earn from lottery, house property is also eligible to pay tax in advance. If anyone forgets to pay the tax in advance, he or she has to pay 1% of interest of income from here know the dates applicable to pay advance tax.
On or before Sep 15th: Tax Payer is liable to pay tax less than 30% of tax payable
On or before December 15th: Tax payer is liable to pay return in advance not less than 60% payable.