How do I calculate and pay estimated taxes as a small business owner?

As a small business owner in India, you may need to pay advance tax or estimated tax if your tax liability is expected to be INR 10,000 or more in a financial year. The calculation of estimated tax involves estimating your total income for the financial year and determining the tax liability on that income, and then paying the tax in installments throughout the year.

To calculate and pay estimated taxes as a small business owner, follow these steps:

1. Estimate your total income for the financial year, including income from your business and any other sources.
2. Calculate your total tax liability for the year, taking into account any deductions or exemptions you may be eligible for.
3. Determine the due dates for payment of estimated taxes. In India, the due dates for payment of estimated taxes are 15th June, 15th September, 15th December, and 15th March.
4. Pay the estimated tax in installments by the due dates. The amount of each installment should be based on your estimated tax liability for the year.

You can pay estimated taxes online through the Income Tax Department's website or at authorized banks. It's important to keep accurate records of your estimated tax payments to avoid any penalties or interest charges.