Advance tax (tds)
This query is : Resolved
jay prakash dubey
(Querist)
09 September 2016
Dear Sir
Please let me know Advance Tax Liability compute on estimated Income, can Assesses having professional Income & avail scheme of section 44ADA adjust estimated TDS while computing Advance Tax Liability or only amount of TDS reflected in form 26A shall be adjusted against estimated liab.
Eg. Professional Income 30 lakh
Till date TDS reflected in Form 26A 50000
Estimated TDS 120000
While adjusting against advance tax whether TDS Rs 50000 will be adjusted or Estimated TDS Rs 120000.
Please let me know Advance Tax Liability compute on estimated Income, can Assesses having professional Income & avail scheme of section 44ADA adjust estimated TDS while computing Advance Tax Liability or only amount of TDS reflected in form 26A shall be adjusted against estimated liab.
Eg. Professional Income 30 lakh
Till date TDS reflected in Form 26A 50000
Estimated TDS 120000
While adjusting against advance tax whether TDS Rs 50000 will be adjusted or Estimated TDS Rs 120000.
Amol S Joglekar
(Expert)
09 September 2016
you can count the ESTIMATED TDS, no issues.....
if it falls short, you will land in paying INTEREST....so you have to take the call accordingly
if it falls short, you will land in paying INTEREST....so you have to take the call accordingly
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jay prakash dubey
(Querist)
09 September 2016
Sir please let me know one thing more
As 44ADA not allowed deduction u/s 80c to 80u. but if same person have salary income too and he invest in 80c Rs 150000. can he claim this FULL deduction in respect of salary because salary received for 1 month Rs 150600 and after one month received professional income and availed sec 44ADA which not allowed any deduction. please guide
As 44ADA not allowed deduction u/s 80c to 80u. but if same person have salary income too and he invest in 80c Rs 150000. can he claim this FULL deduction in respect of salary because salary received for 1 month Rs 150600 and after one month received professional income and availed sec 44ADA which not allowed any deduction. please guide
Soumitra Basu
(Expert)
10 September 2016
NO WHERE IN SECTION 44ADA HAS SAID THAT DEDUCTION UNDER SECTION 80C TO 80U WILL BE NOT BE ALLOWED.
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Amol S Joglekar
(Expert)
12 September 2016
44ADA...can very well claim 80C......who told you that the same is not available?
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