Advance tax under wealth tax???
This query is : Resolved
31 May 2012
hi all,
While studying DTL, i saw that for income tax we need to file advance tax, but for wealth tax i didnt come across any advance tax provision in the WT act,1957.
My query is, should we pay advance tax even for wealth tax, by computing the wealth on a provisional basis??
or
we need to pay wealth tax before (or) on the the date of filing return on income??
PS - the penal interest is levied under W.Tax only if we delay in filing return of income only.
While studying DTL, i saw that for income tax we need to file advance tax, but for wealth tax i didnt come across any advance tax provision in the WT act,1957.
My query is, should we pay advance tax even for wealth tax, by computing the wealth on a provisional basis??
or
we need to pay wealth tax before (or) on the the date of filing return on income??
PS - the penal interest is levied under W.Tax only if we delay in filing return of income only.
31 May 2012
There is no provision for advance tax in Wealth tax Act,1957. Self assessment tax u/s 15B has to be paid before filing the return. Delayed filing attract interest u/s 17B of the said act.
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