Advance tax for first year for firm?
This query is : Resolved
14 December 2016
If one partnership firm open in oct 15 but no start their business due to some legal formalitys not done and start business on1 april 16 then advance tax payment is compulsory for fy 1617 and it return for fy 1516 is compulsory no trANSACTION MADE IN 1516 ONLY BANK AC OPEN ENTRY IS MADE BY PATRNERS.
VIPIN GUPTA
(Expert)
14 December 2016
Sir As per Sec 139 (1)(b) every person other than company if it has total income exceeds the maximum amount which is not chargeable to income tax has to file the return.So you have to the ITR of your firm. As regards advance tax Sec 208 says that the advance tax is payable in every case in which tax payable is more than 10000/- it does not have any relation to income on the basis of previous year.
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