SIR
WHAT IS SCALE FOR PAY ADVANDE TAX
IN HOW MUCH INCOME WE CAN START TO SUBMIT ADVANCE TAX
WHAT IS DATES FOR PAYMENT OF ADVANCES TAX
AND BE SAVE FROM INTEREST ON ADVANCE TAX , HOW MUCH ADVANCE TAX SHOULD BE SUBMIT
BRIEF ME
7 Replies
Dhawal Mohnot
(Practicing)
(449 Points)
Replied 22 March 2013
Refer sec.207, 208 and 209 of the IT act.
varsha
(ca inter)
(47 Points)
Replied 22 March 2013
it should me computed as provision of section 208 and 209 of income tax act 1961, there is no scale available for advance tax.
You shall first estimate your curent income based on last year & calculate tax on that income at the rates in force in the financial year
CA suraj prasad
(CA)
(205 Points)
Replied 22 March 2013
1.Advance tax shall be calculated by estimating the current income and then applying the tax rates in force.TDS/TCS and MAT credit shall be deducted to arrive at advance tax liabilty.
2.An assessee is reqd to pay advance tax if his liability for advance tax is Rs10000 or more.
CA suraj prasad
(CA)
(205 Points)
Replied 22 March 2013
AMENDMENT BY FINANCE ACT,2012
1Advance tax is not payable by:
an individual resident in india who does not have any income chargeable under the head "profit &gains from business or profession and whose age is 60 years or more at any time during previous year
2.For computing the liability of advance tax of the assess:
the incme tax computed above shall not be reduced by the TDSor TCS deductible/collecting during the FY. if a person is responsible for deducting TDS or collecting TCS has failed to deduct TDS of the income paid by assessee or has failed to collect the TCS on the amount received by assesse.
Ramesh Kumar
(Private Job)
(30 Points)
Replied 22 March 2013
Hi, please guide me how to compute HRA and what is the limit. I am residing in Gurgoan. Thanx
Neha sharma
(-)
(1257 Points)
Replied 22 March 2013
If your total tax liability during the year is more than Rs. 10,000 you are required to pay Advance Tax before the Due Dates
Ramanuj
(Accountant.)
(834 Points)
Replied 22 March 2013
Actually advance tax paid estimated income during the year. if Tax liabilty above Rs. 10000.00 after deducted The TDS.
If you have Return file u/s 44AD then did not laible of Advance tax paid.
Thanks
Ramanuj
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