Advance tax purposes profit accepted in it act

This query is : Resolved 
Quick Summary
This discussion clarifies advance tax payments for professionals under Section 44AB of the Income Tax Act. It addresses whether paying advance tax on an estimated profit of Rs. 25 lacs, based on gross receipts of Rs. 2.50 crores, is correct. The consensus is that the payment on the estimated profit is generally acceptable, but it's advisable to base the profit shown on actual savings and investments.

Profile Image

Profile Image

(Querist)
10 March 2022 Sir,
A professional income sec 44ab it person Gross receipts collections from patients rs:2.50 crores up to February-22.if profit estimated rs:25 lacs in f.y.21-22.
Question:
Assessess advance tax purposes payment on estimated profit rs:25 lacs correct in it act or estimated profit any increased compulsory.
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
11 March 2022 For advance tax purposes payment on estimated profit rs:25 lacs is correct in it act.
Profile Image

Kollipara Sundaraiah

Profile Image

Kollipara Sundaraiah (Querist)
11 March 2022 sir, fees collections rs:2.50 crores minimum profit show in it act sec 44ab person.
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
11 March 2022 Show profit based on your savings in bank account and your investment.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Leena RachhLeena RachhPro Member BABUSHANKAR BASAPPABABUSHANKAR BASAPPAPro Member P.S.HarishankarP.S.HarishankarPro Member Chaitanya VoollaChaitanya VoollaPro Member Vignesh KillurVignesh Killur
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category