Advance tax
This query is : Resolved
Arvind sharma
(Querist)
18 April 2017
A partnership firm whose profit as per books of account is different from profit as per Income Tax Act. So in this case calculation and depositing of advance tax will be as per books of account or as per income tax act.
However firm wish to deposit advance tax as per income tax act because there is low liab. of income tax as compare to books of accounts
Please suggest
However firm wish to deposit advance tax as per income tax act because there is low liab. of income tax as compare to books of accounts
Please suggest
CA Shubhanshu Jain
(Expert)
19 April 2017
Hi Arvind
Kindly Note that Advance tax under Income tax is always paid on the basis of tax as per income tax Act and boon profits (i.e profits as per books of accounts) or tax on book profits has nothing to do with Advance tax payable under income tax.
I hope this will resolve your query
Kindly Note that Advance tax under Income tax is always paid on the basis of tax as per income tax Act and boon profits (i.e profits as per books of accounts) or tax on book profits has nothing to do with Advance tax payable under income tax.
I hope this will resolve your query
Arvind sharma
(Querist)
19 April 2017
Ok sir,
That means advance tax will be calculated and paid as per tax liab. which is recurring as per income tax act.
Profit shown in books of accounts have no relevance for calculation of advance tax ??
That means advance tax will be calculated and paid as per tax liab. which is recurring as per income tax act.
Profit shown in books of accounts have no relevance for calculation of advance tax ??
CA Shubhanshu Jain
(Expert)
19 April 2017
Yes,
because at the end i.e at the time of filing ITR we have to make adjustments in profit as per books of accounts in order to compute "income under head business or profession".
because at the end i.e at the time of filing ITR we have to make adjustments in profit as per books of accounts in order to compute "income under head business or profession".
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