TDS as Advance Tax Paid
This query is : Resolved
Sujit Talukder
(Querist)
04 August 2010
Whether TDS is considered as Advance Tax Paid for the purpose of valuation of unquoted equity shares u/s 56(2)(viia)? Valuation rules specifies to dedcut "Advance Tax PAid" from the Book value of Assets. Does "Advance Tax PAid" will include the TDS or refers to only Advance Tax paid in Cash?
Regards
Sujit Talukder
Regards
Sujit Talukder
Aditya Maheshwari
(Expert)
04 August 2010
Yes TDS is a part of advance tax paid and deductible.
04 August 2010
yES, HERE WORD IS USED AS AMOUNT PAID
"Book value of the assets in Balance Sheet as reduced by any amount paid as advance tax under the Income-tax Act "
IE. ONLY ADVANCE TAX IS TAKEN FOR IT.
"Book value of the assets in Balance Sheet as reduced by any amount paid as advance tax under the Income-tax Act "
IE. ONLY ADVANCE TAX IS TAKEN FOR IT.
04 August 2010
AS PER SECTION 2 DEFINATIN OF ADVANCE TAX IS
advance tax” means the advance tax payable in accordance with the provisions of Chapter XVII-C;]
advance tax” means the advance tax payable in accordance with the provisions of Chapter XVII-C;]
Sujit Talukder
(Querist)
04 August 2010
advance tax” means the advance tax payable in accordance with the provisions of Chapter XVII-C
This is where my confusion is.
Section 210 specifies to pay Advaace Tax which is Tax liability minus TDS. So TDS is not paid in accordance with Section 210.Then how can we treat TDS as advance tax paid?
Some more clarification required.
regards
Sujit
This is where my confusion is.
Section 210 specifies to pay Advaace Tax which is Tax liability minus TDS. So TDS is not paid in accordance with Section 210.Then how can we treat TDS as advance tax paid?
Some more clarification required.
regards
Sujit
Sujit Talukder
(Querist)
04 August 2010
advance tax” means the advance tax payable in accordance with the provisions of Chapter XVII-C
This is where my confusion is.
Section 210 specifies to pay Advaace Tax which is Tax liability minus TDS. So TDS is not paid in accordance with Section 210.Then how can we treat TDS as advance tax paid?
Some more clarification required.
regards
Sujit
This is where my confusion is.
Section 210 specifies to pay Advaace Tax which is Tax liability minus TDS. So TDS is not paid in accordance with Section 210.Then how can we treat TDS as advance tax paid?
Some more clarification required.
regards
Sujit
Aditya Maheshwari
(Expert)
04 August 2010
The notification states as under
"any amount representing provision for taxation, other than amount paid as advance tax under the Income-tax Act, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto"
So to be excess over the tax payable TDS has to be included.
Await others comments on the same also.
"any amount representing provision for taxation, other than amount paid as advance tax under the Income-tax Act, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto"
So to be excess over the tax payable TDS has to be included.
Await others comments on the same also.
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