Advance payment of tax.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2012
How do you view such cases , where advance tax is offered , assuming the regular shall not be in assessee favour but files return otherwise i.e issue shall be in assessee's favour.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 February 2012 Our views :

1. Advance tax is offered :

Means the assessee has deposited the amount to earn 6% interest.

Assuming the regular shall not be in favour
of the assessee but files return otherwise:

Means you want to say that the Tax on regular Assessment is higher but somehow the assessee has managed the tax liability within the advance tax limits.

In such a case - where the income is found to be intentionally suppressed, or excessive expenditure found to be claimed so, the assessee may be made liable for tax as well as penalty in appropriate cases.

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Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2012
Regular Assessment may not be in their favour but appeal are in their favour . how do you view such cases, where tax is paid higher but return is for lower tax

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

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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03 April 2012 The expert has correctly answered I agree with him and no extra comment is required.

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