Advance tax on presumptive income..!!

This query is : Resolved

Bhavesh (Querist)
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06 December 2012 Presumptive Income(8% of Turnover): Rs. 128702.
Interest Income:
Gift Income: 620000
Would I be liable to pay advance tax..?? how much..??

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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06 December 2012 First confirm is the gift income is taxable or exempted in your hands or say the details regarding receipt of gift i.e from whom you received and relation ship between you and the gift payer etc...

OM SAI SRI SAI JAI JAI SAI

Bhavesh

Bhavesh (Querist)
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06 December 2012 Yes it is taxable..!!

CA. Subhash Dangi

CA. Subhash Dangi (Expert)
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06 December 2012 Under presumptive income, advance tax provisions will not apply.

However, for other income i.e, gift income, advance tax to be worked out and paid in installments within due date based on corporate and non-corporate assessees.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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06 December 2012 Then you have to pay advance tax. at the following dates and amount.

Your total taxable income is Rs.748702

Your total tax liability for A.Y.2013-14 is Rs.82132. on this you have to pay minimum 30% on or before 15-9-2012, 60% on or before 15-12-2012 and 100% on or before 15-3-2013. In case if your gift income received after 15-9-2012 then your advance tax liability will starts from 15-12-2012 with 60% amount and 100% amount respectively.

Assumptions: Assumed no deductions under Chapter VIA for tax computation and individual assessee.

OM SAI SRI SAI JAI JAI SAI

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