Advance tax payment
This query is : Resolved
Ashu Patel
(Querist)
14 June 2017
Dear Sir,
I have a partnership firm registered with one of my friend. We have made the firm agreement on 11.04. 2017. We have also obtained a PAN card for our firm. We have not yet started our business and will purchase products and do retail business. Are we liable to pay advance tax as our income from our business is Zero as of now and we also dont have any other source of income.We will start our business after 15th June 2017.
I have a partnership firm registered with one of my friend. We have made the firm agreement on 11.04. 2017. We have also obtained a PAN card for our firm. We have not yet started our business and will purchase products and do retail business. Are we liable to pay advance tax as our income from our business is Zero as of now and we also dont have any other source of income.We will start our business after 15th June 2017.
CA R SEETHARAMAN
(Expert)
14 June 2017
No need to pay advance tax now. Do business and earn profit and pay advance tax based earnings in rest of the quarters.
Ashu Patel
(Querist)
14 June 2017
Thank you so much Sir for your valuable time and perfect solution on my query.
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