Non payament of Advance tax for the Azst year 2015 -2016

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This query is : Resolved

Prakash Rao (Querist)

06 October 2017 As an individual we hanot paid advance tax for the said asst year During the Asst year we have loans from companies *12% and invested in shates(unquoted shares and at the end of some money in Fd account to repay the loan and installments. and. we have filed Itvreturn in Oct 2015 instead of july 2015 with interest.Now It authorities asking reason s about late filing My qtn is Whether it is acceptable not paying advace tax. and doing other transactions pl note that in previous years also i am paying tax alongwith return with interest within due dates i.e july pl suggest me solution for this any serous action forvthis not paying adv tax eventhough if we pay interest on this

Pawan Kumar Sharma

Pawan Kumar Sharma (Expert)

06 October 2017 It is advisable to pay advance tax on time but if you have not paid then you need now worry, you have to pay interest u/s 234A, 234B and 234C. Advance tax is payable when tax liability exceeds 10,000/-. You have taken loan from Companies but if you are a director in that Company or relative of any director in that Company then it is violation of section 185 of the Companies Act, 2013 which prohibits such loan. Loan can be given by the Company to Managing Director if it is within the policy of the Company and terms of appointment has a clause about it.

Prakash Rao

Prakash Rao (Querist)

06 October 2017 Our tax liability 140lacs

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