How To Calculate Your First Advance Tax Payout Of The Virus-Hit Fiscal

With the first quarter of the new financial nearing a close, it’s time for businesses and non-salaried individuals to pay the first instalment of advance tax.

Unless the tax department changes the rules, at least 15% of the tax due for the current financial year ending March 2021 will have to be paid by June 15. But, with economic activity yet to fully resume even as the government has eased some of the lockdown curbs, how to calculate advance tax?

BloombergQuint speaks to Arvind Rao, chartered accountant and certified financial planner, and founder Arvind Rao & Associates, to find out what taxpayers should ideally pay as advance tax this month.

Watch the full conversation here: