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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- ITR Filing Requirement for Partnership Firm Registered but Business Not Commenced
- Income of an individual
- Capital gain profit distribution among partners of partnership firm
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
