Business cover under 44 ad
This query is : Open
26 August 2011
HELL & GOOD MORNING SIR
I WOULD LIKE TO KNOW THAT IF BUSINESS COVER UNDER 44 AD (PRESUMPTIVE BASIS)& HER TAX LIABILITY WAS ABOVE 10,000 DURING LAST F.Y.(2010-11).
IS HE LIABLE FOR PAYMENT OF ADVANCE TAX INSTALLMENT IN FOLLOWING YEAR ?
THANK YOU
I WOULD LIKE TO KNOW THAT IF BUSINESS COVER UNDER 44 AD (PRESUMPTIVE BASIS)& HER TAX LIABILITY WAS ABOVE 10,000 DURING LAST F.Y.(2010-11).
IS HE LIABLE FOR PAYMENT OF ADVANCE TAX INSTALLMENT IN FOLLOWING YEAR ?
THANK YOU
26 August 2011
advance tax provisions are not applicable in respect of Section 44AD Income and as such installments are not required to be paid.
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