Calculation and Filing of Advance tax

[aamirmehmood]

Dear members,

Hope you all are fine,My questions are as under because it is general topic so you all are requested to answer quickly,

What is the latest rules regarding calculation and filing of advance tax under income tax ordinance 2001?

Previously we have to calculate it on the basis of tax assessed in last year now what is the latest should we base current year if company is in profit for the calculation.

Can we file return of advance tax electronically.

if in the preceding year company having refund of income tax then is it mandatory in the law to submit a letter informing tax department that we are not liable to submit the advance tax.

waiting your precious suggestion SIR!

Thanks in advance.

[LapTop]

Advance Tax Paid by the Taxpayer U/S-147

This section does not apply to an individual or association of persons. where the individual’s or association of persons latest(Previous year) assessed taxable income is less than 2,00,000/=
Where the taxpayer is an individual or an association of person having latest(Previous year) assessed income of 2,00,000/= rupees or more, the amount of advance tax due for a quart shall be computed according to the following formula, namely -
(A/4) - B
Where –
A is the tax assessed to the taxpayer for the last tax year or last assessment year
B is the W.H.T paid in the quarter.

Advance tax shall be payable by a taxpayer in respect of the following periods,
1st of July to 30th September (referred to as the “September quarter”) 15th day of September
1st October to 31st December (referred to as the “December quarter”) 15th day of December
1st January to 31st March (referred to as the “March quarter”) 15th day of March
1st April to 30th June (referred to as the “June quarter”) 15th day of June

where the taxpayer is a company, the amount of advance tax due for a quarter shall be computed according to the following formula,
(A/4) - B
Where –
A is the tax assessed to the taxpayer for the last tax year or last assessment year
B is the W.H.T paid in the quarter.

Any taxpayer who is required to make payment of advance tax shall estimate the tax payable by him for the relevant tax year, at any time before the last installment is due. In case the tax payable is likely to be more than the amount he is required to pay, the taxpayer shall furnish to the Commissioner an estimate of the mount of tax payable by him and thereafter pay such amount after making adjustment for the amount (if any) already paid.

where the taxpayer is a company newly formed, The taxpayer shall estimate the amount of advance tax payable on the basis of estimated quarterly accounting profit of the company and thereafter pay such amount after making adjustment for the amount (if any) already paid.

A taxpayer who has paid advance tax under this section for a tax year shall be allowed a tax credit for that tax in computing the tax due by the taxpayer on the taxable income of the taxpayer for that year.