Adance tax
This query is : Resolved
jay prakash dubey
(Querist)
08 September 2016
Dear Sir
Advance tax is applicable on Individual Assesses and eligible to opt Benefit of sec 44ADA But assesses not paid 15% of tax liability in June quarter.... now known and going to paid in sept quarter along with June quarter advance tax liability.
Please let me know following
1) when Interest @ 1% pm will be paid u/s234c for 3 month???? i.e. along with Advance tax liability amount or interest is to be paid while filing ITR of A.Y. 7-18.
2) whether advance tax liability can be computed on 50% of gross receipts because individual assesses eligible to get benefit of sec 44ADA.
Advance tax is applicable on Individual Assesses and eligible to opt Benefit of sec 44ADA But assesses not paid 15% of tax liability in June quarter.... now known and going to paid in sept quarter along with June quarter advance tax liability.
Please let me know following
1) when Interest @ 1% pm will be paid u/s234c for 3 month???? i.e. along with Advance tax liability amount or interest is to be paid while filing ITR of A.Y. 7-18.
2) whether advance tax liability can be computed on 50% of gross receipts because individual assesses eligible to get benefit of sec 44ADA.
Amol S Joglekar
(Expert)
08 September 2016
01. Interest may be paid at the choice of assessee.... either right now or at the time of filing ITR
02. Advance tax liability is calculated on ESTIMATED income. If the estimate goes wrong, you need to pay the interest
02. Advance tax liability is calculated on ESTIMATED income. If the estimate goes wrong, you need to pay the interest
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jay prakash dubey
(Querist)
08 September 2016
Sir if assesses's professional estimated receipts of Rs 30 lakh and eligible for 44ADA, in this case for computing advance tax liability estimated income can be consider Rs 15 Lakh or not.
Amol S Joglekar
(Expert)
08 September 2016
50% or more at the option of assessee......
If assessee opts for 50%, then your calculation is right.
If assessee opts for 50%, then your calculation is right.
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