Business cover under 44 ad
This query is : Open
dhaval shah
(Querist)
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
CA PARAS BAFNA
(Expert)
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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