Adavnce tax 44ad

This query is : Resolved

Ruchi Agrawal (Querist)
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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.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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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.

Rupesh Jain

Rupesh Jain (Expert)
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31 January 2015 advance tax applicable if your tax liability is over rs.10000/-
tax on presumptive income not applicable.

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