TMI BlogComputation of Advance Tax Liability and Payment - Section 209X X X X Extracts X X X X X X X X Extracts X X X X ..... all be computed as follows:- Estimate the current income of the financial year for which the advance tax is payable. STEP I Compute tax on such estimated current income at the rate(s) of tax given under part III of the First Schedule of the relevant Finance Act. STEP II On the net tax, if any, compu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt is the advance tax payable provided it is ₹ 10,000 or more. However, it will be payable in certain installments as mentioned above. STEP VIII Note:- If the tax was deductible or collectible at source but was not deducted by the payee of the income or not collected by the collector, then such TDS or TCS which was deductible or collectible shall not be re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ious year which has been taken into account for rate purposes). Tax on above current income at the rate in force during the financial year will be calculated by the Assessing Officer. From such tax calculated, the amount of income-tax which would be deductible or collectable at source during the said financial year shall be reduced and the amount of income-tax as so reduced shall be the advan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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