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Advance tax

Anshul Gupta (17 Points)

19 August 2019

if any person filed his income tax return u/s. 44AD, is he liable to pay advance tax Or not?

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2 Replies

Amit Agarwal (Sr. Manager - Accounts) (51 Points)
Replied 19 August 2019

Yes. Assessee is required to pay the whole amount of his advance tax liability on or before 15th march of FY

Suresh Thiyagarajan (Student) (3986 Points)
Replied 20 August 2019

1. Advance tax provision will equally be applicable for any person who is opting to pay tax presumptive taxation u/s 44AD.
2. However, conditions of payment advance tax through installment is not applicable and any person who is payment tax u/s 44AD need to determine his tax liability and pay the entire amount of advance tax within 15th of march of the relevant FY. (only if the tax liability exceeds Rs. 10,000)
3. In your case, Advance tax needs to be paid on or before 15th of march of the relevant FY.
Please correct me if the above solution has an alternative view.