Advance tax

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Sir, as a private Ltd we have not yet paid any advance Tax. will it end up with penalty payment for us? Please explain. we cross 10000 income.
Replies (6)

Payment of advance tax does not depend uopn the entity - whether individual or Pvt Company.

It depends upon the taxable income.

If your tax liability during the year is less tha Rs. 10,000/-, you are not reqd to pay advance tax.

Hope this resolves your query.

CA Prateek Jain

New Delhi

Hello, Agree with Prateek

In case due to some reason you are unable to pay Advance Tax note that Interest under Section 234B and Section 234C may become applicable.

Agree with above comments

What if we have more than 10000 income in a fy.? what is the last date to pay advance tax?

Please guide

If in a financial year your total tax liability exceeds Rs 10,000 you will be required to pay Advance Tax. Do remember to include all heads of income calculating Advance Tax.

 

Tax liability consider for whether you are liable to pay advance tax or not.

Taxable income doesn’t consider.

AS pet the Provisions of Income Tax if in a financial year your total tax liability exceeds Rs 10,000 you will be required to pay Advance Tax.

  • Status does not matter except Seniour Citizen
  • Tax Liability considered not Income or turnover etc.


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