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.

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.

11 March 2022 For advance tax purposes payment on estimated profit rs:25 lacs is correct in it act.


11 March 2022 sir, fees collections rs:2.50 crores minimum profit show in it act sec 44ab person.

11 March 2022 Show profit based on your savings in bank account and your investment.


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