Homework Answers
Hello,
First we need to calculate the tax lialility for 20x9
15000 = 20x6
20000 = 20x7
25000 = 20x8
30000 = 20x9 (Cross Multiplication & Sequence Following with 5000 increase in each step)
The minimum installment payment will be as follows as per advance tax rule.
| Due Date | Advance Tax Payable | Tax Amount | Remarks |
| On or before 15th June | 15% of estimated advance tax | $4,500.00 | 15% of $30000 |
| On or before 15th September | 45% of estimated advance tax less advance tax already paid | $11,475.00 | 45% of $30000-$4500 |
| On or before 15th December | 75% of estimated advance tax less advance tax already paid | $10,518.75 | 75% of $30000-$4500-$11475 |
| On or before 15th March | 100% of estimated advance tax less advance tax already paid | $3,506.25 | 100% of $30000-$4500-$11475-$10518.75 |
As per above table the minimum installment will be $3506.25
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