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SparklyBoba
SparklyBoba
Plivo

What's your TC and how much tax did you pay?

I will go first:

TC - 18 LPA Paid Advanced Tax - 40k (final tax will be lesser)

12mo ago
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9 min AI interview5 questions
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DerpyBoba
DerpyBoba
Stealth12mo

What is the benefit of paying advance tax?

Also, by advance tax do you means the amount deducted by employer or you paid yourself?

SparklyBoba
SparklyBoba
Plivo12mo

I work as a consultant and not as an employer, and for a non Indian company. So, my taxes are not deducted at source.
And I use rhe 44ADA presumptive taxation, for which you are required to pay your taxes in advance.

DerpyBoba
DerpyBoba
Stealth12mo

Ok

GoofyPancake
GoofyPancake
Microsoft12mo

Dude... You brought your taxable income around 637500 😮... Could you explain the deductions please...

SparklyBoba
SparklyBoba
Plivo12mo

I use 44ADA presumptive taxation, which allows you to show upto 50% of your income as expenses.

And the rest of it are ELSS, NPS, Health Insurance, etc.

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Personal Finance18mo
by ZestyQuokkaConsultant

Advance Tax - What's the way ?

My calculation says I should pay advance tax today (15 sep) - 45% of tax as per google search Quicko is saying to pay on 15March

What is the rule, should I pay or not?

I don't want penalty later