Dear sir/ madam, I am a contractor and accordingly " A flat 10% TDS is always deducted from the Fees every month u/s 194J (TDS on Prof Fees). " For this project, I am paid a Professional fee of INR 11.40 Lacs per annum excluding GST to be paid as follows. INR 11.40 Lacs to be paid in 12 equal payments i.e. (INR 95,000/- per month). I am also be eligible for INR 50,000/- as ‘Annual Performance Bonus’ to be paid at the end of the project or one year, whichever is earlier. Please suggest how much advance tax to be paid and how to make the payment?
Is this your only income?
Please mail the sheet showing your all income so that advance tax can be calculated.
As you are only showing the turnover and not your income.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvements.
Thank you
Hi,
You need to pay Rs.55,000 as advance tax. I have not considered the deductions as you have not shared with us. Pay it online on tin-nsdl website.
Thanks
Hi,
Your advance tax liability will depend upon the nature of taxation your are following. If you are eligible for presumptive taxation and filing return based on presumptive taxation, then you will have to pay entire advance tax in one installment on or before 31 March 2019.
However, if you are following normal taxation then you are required to pay advance tax in four quarterly installment.
Further, the amount will depend upon your computation working which is a detailed exercise.
Dear Sir,
Hope you are doing well !!
Please share the complete details of your income for advance tax calculation.
Advance tax payment- The due date for advance payment of tax is as follows:
Taxpayer Type -All types of taxpayers (other than those who opted for presumptive taxation scheme) Upto 15% of advance tax By 15th June , Upto 45% of advance tax By 15th September, Upto 75% of advance tax By 15th December and Upto 100% of advance tax By 15th March.
Taxpayers who opted for presumptive taxation scheme - Upto 100% of advance tax by 31st March.
Advance tax payment is made using Challan 280 just like any other regular tax payment.
