Adavnce tax 44ad
This query is : Resolved
30 January 2015
AY 2014-15 I paid 90,000 as self assessment tax. I filed returned us44AD presumptive income.
I received a letter from Income tax dept today to deposit advance tax for 2015-16 else an order u/s 210 of IT Act may be passed.
Am I liable to pay advnace tax in this as I files returned under 44AD. What reply I should give to IT Dept.
I received a letter from Income tax dept today to deposit advance tax for 2015-16 else an order u/s 210 of IT Act may be passed.
Am I liable to pay advnace tax in this as I files returned under 44AD. What reply I should give to IT Dept.
31 January 2015
As per section 44AD(4) advance tax provisions are not applicable on income shown u/s 44AD. However if you are showing other income as well i.e. income from other sources etc. and tax payable on such other income is 10,000/- or more than there will be an advance tax liability.
Advance tax is not applicable only on presumptive income portion.
Advance tax is not applicable only on presumptive income portion.
31 January 2015
advance tax applicable if your tax liability is over rs.10000/-
tax on presumptive income not applicable.
tax on presumptive income not applicable.
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