Advance Tax
This query is : Resolved
DEVENDER THAKUR
(Querist)
11 June 2010
Hi Sir,
I want to know the concept of Advance tax. How to calculate it.when to deposit it and other basic terms regarding the concept. I shall be heartly thankful for the help. and plz recomend me some book that will provide the knowledge of Income tax.
I want to know the concept of Advance tax. How to calculate it.when to deposit it and other basic terms regarding the concept. I shall be heartly thankful for the help. and plz recomend me some book that will provide the knowledge of Income tax.
CMA Ramesh Krishnan
(Expert)
11 June 2010
All persons in whose projected tax payable during a financial year is Rs.5,000 or more are required to pay tax in advance in installment
please check the link for full details
https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2005ITAct/section211.htm
please check the link for full details
https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2005ITAct/section211.htm
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Rahul Gupta
(Expert)
11 June 2010
Agreed with mr. Ramesh .
Also, Advance tax is paid on the estimation of the Income you will earn during the year and is paid before the end of the Financial Year i.e 31st March.
It is just that tax on the current year income is need to be paid in the same finacial Year if the total tax liability increase Rs 5,000 in a given year.
Also read this, it will make you more clear.
https://business.rediff.com/report/2009/jun/09/perfin-your-guide-to-advance-tax.htm
Also, Advance tax is paid on the estimation of the Income you will earn during the year and is paid before the end of the Financial Year i.e 31st March.
It is just that tax on the current year income is need to be paid in the same finacial Year if the total tax liability increase Rs 5,000 in a given year.
Also read this, it will make you more clear.
https://business.rediff.com/report/2009/jun/09/perfin-your-guide-to-advance-tax.htm
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11 June 2010
AGREED WITH EXPERTS
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