Advance tax under new provisions
This query is : Resolved
25 July 2011
dear sir,
Mr. Xyz have silver and gold wholesale business, accounts are maintained by him since last 10 years. This year profit395000 (turnover1850000, net profit 34%) on which incometax after 80 c deduction15000 liable to pay. No advance tax paid by him due to this interst near about1100 also liable.
Can i avail his return under new provisions 44 AD so that his interest can exempt?
suggest.
Mr. Xyz have silver and gold wholesale business, accounts are maintained by him since last 10 years. This year profit395000 (turnover1850000, net profit 34%) on which incometax after 80 c deduction15000 liable to pay. No advance tax paid by him due to this interst near about1100 also liable.
Can i avail his return under new provisions 44 AD so that his interest can exempt?
suggest.
25 July 2011
44AD can be opted. If so, no need to pay advance tax as per section 44AD(4) and consequently interst under section 234A and B will not attract.
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