Question

Mr. Ramesh is a Lawyer. His estimated tax liability for the financial year 2021-22 amounted to Rs. 3,00,000. By which dates he should pay advance tax and how much?

Answer 1

The payment of Advance tax would be as per following schedule:

Installments	Due date	Amount due to be paid	Amount paid
First installment	15th September, 2021	Upto 30% of the advance tax payable	Rs. 90,000
Second installment	15th December, 2021	Upto 60% of the advance tax payable as reduced by amount paid in earlier installments, i.e., Rs. 1,80,000 – Rs. 90,000	Rs. 90,000
Third installment	15th March, 2022	Upto 100% of the advance tax payable as reduced by amount paid in earlier installments	Rs. 1,20,000