is there any compulsion of deposit of advance tax if it is more than Rs.5000/-??
Menu
advance tax
Replies (2)
If you receive a demand from your AO to pay advance taxes, then yes there is a compulsion. AO will normally determine estimate based on history of your returns and assessment and if your income has dropped you will have to get the estimate revised and pay the advance tax as per your estimate.
Regarding your question on compulsion, please note that your tax payment itself is compulsory and if you do not pay any amount as per mandated schedule, you will have to pay the interest. There are also provisions for levying penalty. In case of consistent or habitual defaults by you in tax payments, there are provisions for AO to issue you a show cause notice as to why penalty should not be levied on you. You will be given an opportunity to answer.
Dear Manish,
Pls find the saction which prescribes the condition for the payment of advance tax,
19[Conditions of liability to pay advance tax.
208. 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 20[ten thousand] rupees or more.]
This is the condition which is applicable in general
Thanks,
sunil
Recent Topic
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
- Need CA to certify shareholding pattern.
- Ltcg savings
- Please share the roc and income tax compliance fo
- Proprietor have 2 business. One is registered unde
- ITR-4 – Gross Receipts or Turnover for Secti
- Unrelated entries in AIS and Form 26as
- Payment to foreign national
Related Topics
CAclubindia
