IS IT MENDATORY TO DEPOSIT ADVANCE INCOME TAX IN CASE OF LOSSES.
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advance income tax in case of losses
Replies (8)
no
No, it is not mandatory.
Advance Tax needs to be paid only if your expected tax liability is more than Rs.5000.
According to Section 208 of IT Act Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is 47[five thousand] rupees or more.]
As per SEC. 234A if income of assessee is more than Rs.5000/- then only Advance tax shall be paid and not in case of loss
Yes pappu is correct.
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