my firm is registered in aug 2019 started operations from Oct 2019 till date my net loss is 1 lakh
shall i pay any advance tax for the dec quarter??
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Advance tax
Replies (4)
Advance tax means income tax should be paid in advance instead of lump sum payment at year-end. It is also known as pay as you earn tax. These payments have to be made in installments as per due dates provided by the income tax department. If your tax liability for a year after reducing TDS exceeds Rs 10,000, you will be liable for payment of advance tax
My firm is registered ... is it Partnership or proprietory firm ??
If you estimate your income (profit) together with other sources income is above the basic threshold limits or estimated tax liability comes below 10000/-, you need not pay any advance tax.
If you estimate your income (profit) together with other sources income is above the basic threshold limits or estimated tax liability comes below 10000/-, you need not pay any advance tax.
It's partnership firm
and
no profit until December from the date of inception
(net loss 1lakh)
no tds has been deducted
this is the first F Y of business commencement
and
no profit until December from the date of inception
(net loss 1lakh)
no tds has been deducted
this is the first F Y of business commencement
Don't pay as you are sure to end the FY with a loss
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