Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Advance tax paid with surcharge

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2013 a company paid advance tax first 3 instalemts with surcharge in anticipation of total income will be more than Rs. 1 crore.But at the time of 4 th instalment the total income is less than 1 crore, paid without surcharge.

Can the company can consider the surcharge paid in excess of tax earlier as tax and adjust against self assessment tax while filing the return

Please answer thanks in advance

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

09 May 2013 Yes. you can adjust the surcharge payment against the tax payable in self assessment

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

26 May 2013 You calculate the Advance Tax on total income for 4th installment and then deduct whatever you have paid including surcharge. The remaining amount you have to pay including surcharge.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now