ALL YOU NEED TO KNOW ABOUT ADVANCE TAX
PrintListen to this Article
1.- Section 208
:- An assessee is liable to pay Advance Tax only if his ‘’Advance Tax’’ Liability is Rs.10,000 or more during the previous year.
:- An individual whose age is 60 years or more at anytime during the previous year is not required to pay Advance Tax if his Total Income does not carry income under the head P/G/B/P.
:- While computing Advance Tax Liability, TDS/TCS amount shall not be reduced if the person liable to deduct TDS has failed to deduct or if the person liable to collect TCS has failed to collect it.
2.- Due Date of Payment of Advance Tax
Due Date %of Advance Tax % oF Advance Tax
required to be deposit required to be deposit
(CORPORATE ASSESSEE) (OTHER THAN CORPORATE ASSESSEE)
15th June 15% 0%
15th Sept. 45% 30%
15th Dec. 75% 60%
15th Mar. 100% 100%
3.- Section 210
:- An Assessing officer may require assessee to pay Advance Tax by serving notice u/s 210 at an amount and in such manner as may be specified in the notice.
:- No Appeal is possible against order u/s 210
:- No order u/s 210 can be issued after 28th Feb of previous year.
:- No order u/s 210 can be issued where no assessment has been made in respect of any Assessment year.
:- Amount of Advance Tax required to be deposit shall be computed by Assessing officer on the following manner :
:- Last Assessment made
:- Return filed by Assessee
Whichever is higher.
:- An assessee may voluntarily pay Advance Tax at an amount higher than the amount specified in order
u/s 210
4.- Computation of Advance Tax Liability
Income under head Salary xxx
Income under head House Property xxx
Income under head Capital Gain xxx
Income under head Other Sources xxx
Income under head P/G/B/P xxx
Gross Total Income xxx
(-)Deductions under chapter VI-A xxx
Total Income xxx
Tax on Total Income xxx
(-) TCS / TCS xx
(-) MAT credit xx
(-) Section 89(1) relief xx
(-) Relief u/s 90 & 91 xx
TOTAL ADVANCE TAX LIABILITY xxx
Author Can Be Reached At :
Ankit Gupta
ankit@taxzippy.com
Category : Income Tax | Comments : 0 | Hits : 702
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny. Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, the cumulative amount beyond the threshold triggers scrutiny. Fixed Deposits: Surpassing the Rs 10-lakh limit in fixed deposits within a financial year prompts inquiries regarding the source of f...
Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed. Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence punishable under Section 276CC of the Act," the court said in the judgement. "The convict is awarded a sentence of simple imprisonment for six months with a fine of Rs 5,000 and in default to unde...
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failure to which can impact the deduction claims for such payments. To facilitate timely payments to micro, small, and medium enterprises (MSMEs) and address the challenges faced by these businesses in rec...
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitutes turnover. Understanding the concepts of these words is necessary for the purpose of the tax audit. An audit is mandatory for corporate assessees, irrespective of the amount of turnover. In ...
Very Important Income Tax Update regarding Micro and Small Enterprises Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax liability. Keeping such creditors unpaid is risky. If payment for purchases made from *Micro and Small units* remains outstanding on 31st March, there may be huge tax liability. Therefore...
Comments