pls advice should i file adv tax if following figures are as under.
as per last year b/sheet net profit 25 lac, income befor exp 6 cror, dep 1.15 cror, and tax 6 lac.
current year income befor all exp till dec 9 cror, tds receivable 14 lac.
is there require any advnce tax dep
Mr. Gaurav,
Advance tax liability will fall only when tax liability exceeds Rs.10, 000/- not based on Net profit or other criteria. However, waiting CCI tes reply
As per Sec 208 it is obligatory to pay advance tax when tax liability exceed Rs.10000.There is no such criteria regarding net profit to pay advance tax.
According to sec.208 its obligatory to pay advance tax in every cases where the advance tax payable is rs.10000/- or more. an assessee who has opted for the scheme of computing business income under sec.44AD on persumptive basis at the rate of 8% of turnover.
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