Should I consider Brought forward losses to calculate advance tax liability?

Income Tax Advance Tax
1

I made losses of 10 lakhs last 2 years. But this FY 24-25, I have made a profit. Should I pay the advance tax for this or can I set it off with my losses while filing?

2

Hey @Chandu_Prasad,

Advance tax needs to be paid if the estimated tax liability for the year exceeds ₹10,000.

While calculating the tax liability, you can take the carried forward losses into account and if the liability is below ₹10,000, paying advance tax is not mandatory.

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