A.Y. 2011-12
Presumptive income u/s 44AD - Rs 270337
Long Term Capital Gain - Rs 34429
Income from Other Sources - Rs 32996
Tax on above income - Rs15830
Date of filing of return - 31/03/2012
Date of deposit of tax - 30/03/2012
QUERY
Whether I am liable to pay ADVANCE TAX?
If yes than what is amount of interest u/s 234B & 234C
Attached is the calculation of Interest.
| Originally posted by : Gajendra R. Tiwari | ||
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No, U will not be liable for payment of Advance tax as Presumptive income u/s 44AD is exempted from the provisions of Advance tax. Hence your Total Taxable income will be reduced by 270337. |
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