What is Advance Tax? - Advance Tax Calculator

2021 Union Union Budget Result a. Exemptions from completing the ITR for adults 75 years and older, who only receive a pension and interest benefit. b. The Income Tax Department has introduced the completed ITRs with additional details to make the repayment process easier. c. The deadline for submission deadlines is late and has been reduced by 3 months. This also means that the IT department will have to work to restore and send a notice under section 143 (1) by 31 December.

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1. Advance Tax Calculator - Pre-tax credit calculation

We will explain counting by example. Ajay is a paid freelancer who specializes in interior decoration. For FY 2019-2020, Ajay limits his annual receipts to Rs 20,00,000. Ajay estimates his expenses at Rs 12,00,000. Ajay deposits Rs 40,000 into PPF account. Ajay also paid Rs 25,000 in LIC premium. In addition, Ajay paid Rs 12,000 in medical insurance. Ajay professional receipts are subject to TDS. Ajay estimates TDS of Rs 30,000 for specific FY professional receipts for 2019-2020. In addition to professional receipts, Ajay estimates interest of Rs 10,000 on fixed deposits held by him. Ajay's previous tax debt will be as follows:

Frequently Asked Questions

Q- When should I pay my taxes in advance?

If your tax debt for a year after deducting TDS exceeds Rs 10,000, you will be liable to pay tax in advance.

 

CEO Krishna Gopal

Krishna Gopal Varshney is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Myitronline.com. Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

Krishna Gopal Varshney
Co-founder & CEO