44AD and 44ADA require payment of advanced tax by 15th of march. And if a person (say individual) who is is eligibe for 44AD or 44ADA is having income from other heads (say house property and capital gain) what happens to the requirement of advance tax with respect to such income.
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44AD, 44ADA
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The advance tax is payable on the basis of estimated total income during financial year, the estimated total income is inclusive of other heads income like income from house property , capital gain , other sources,there is reqirment of payment of 100% of estimated total income as a advance tax before 15of march to opt for presumtive tax under sec.44ad,44ada
@ Akshay.. How can u estimate capital gains in Advance???
@ Pranav.. According to me.. one should book the actual capital gain in the quarter in which it occur and pay the tax thereon after deduction TDS if any. Further, the advance tax of income pertaining to section 44AD/44ADA shall be paid on or before 15th March.
@ Pranav.. According to me.. one should book the actual capital gain in the quarter in which it occur and pay the tax thereon after deduction TDS if any. Further, the advance tax of income pertaining to section 44AD/44ADA shall be paid on or before 15th March.
Sorry, it is my mistakes , the payment of capital gain is in the quater in which it is due.and advance tax payment on or before 15th march for relating to income under sec.44ador 44ada
In that case, if a person is covered under 44AD or 44ADA, he can pay tax under all head (salary, HP, PGBP, IFOS) other than Capital Gain on or before 15th march and quarterly tax payment with respect to Capital Gain.
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