advance income tax in case of losses

Others 2409 views 8 replies

 

IS IT MENDATORY TO DEPOSIT 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.]

 

 Shudhanshu &  Dharmaraju are right

 Shudhanshu &  Dharmaraju are right

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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