Advance tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2016 Dear sir,
A proprietor concern's tax liability is
Below 10000/- plz guide me weather
This proprietorship concern liable to
Pay Advance tax or not,

Regard
Anuj shree

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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02 May 2016 As per section 208 of the Income Tax Act, 1961
'advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is ten thousand rupees or more'.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 May 2016 No need to pay advance tax.

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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02 May 2016 No, Not liable to pay Advance Tax as annual tax liability is below Rs.10,000/-.

Abhishek Ranjan Singh
ARS Solutions
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Rupesh Jain

Rupesh Jain (Expert)
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02 May 2016 not liable to pay advance tax if tax liable amount below rs.10000/-

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2016 Sir it means No interest shall be lavied
u/s 234B,C, right.... also let me know will
this formula of 10000/- be applicable on
partnership firm and on companies,

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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02 May 2016 Yes No Interest U/S 234 B & C for default in Advance Tax. Yes Limit of Rs. 10000/- is applicable on partnership firm and companies also.