Liability for payment of advance tax
This query is : Resolved
Abhishek Roy Choudhury
(Querist)
21 April 2015
Whether a partnership firm is liable to pay advance tax.
CMA Ramesh Krishnan
(Expert)
21 April 2015
Yes. partnership also covered under advance tax
Abhishek Roy Choudhury
(Querist)
21 April 2015
You mean to say that as per provision of section 208 of the income tax act, 1961 which stipulates that is obligatory to pay advance tax in every case where tax payable is Rs.10000.00 or more in a year is also applicable for partnership firm.
CMA Ramesh Krishnan
(Expert)
21 April 2015
Yes. sec.208 of Income tax applies for all the assessees
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