ADV TAX APPLICABILITY???????VERY URGENT

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Querist)
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17 July 2011 Whether adv tax has to be paid if assessee opts for Presumptive taxation scheme @ 8%

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 July 2011 Need not pay advance tax. Pl see section 44AD(4).

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Querist)
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18 July 2011 Thank you sir for ur prompt Reply.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Querist)
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18 July 2011 One more q sir!
Can Assessee switch from sec 44AD to normal provisions of the Act applicable next year?

or is there is any restriction to continue sec44AD once opted?

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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18 July 2011 No there is no restriction and you can easily switch to normal provisions

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Querist)
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18 July 2011 Thank you sir for ur reply.

CA Navin Jain

CA Navin Jain (Expert)
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18 July 2011 switching to normal provisions, however, will attract provisions relating to Advance Taxes and interest under Sec 234B and 234C.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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18 July 2011 If it is below 5000 no need to pay and other wise yes if not paid then add interest u/s 234A, B & C

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 July 2011 To Mr. Agarwal
Threshold limit for advance tax is Rs.10,000/ or more. Pl see section 208 as amended by the Finance (no.2) Act,2009 w.r.e.f 01/04/2009.

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