Advance tax in loss making company

Hi Ish,

No need to panic

Please note advance tax is required to be paid u/s 207(1) & 208 of IT Act, 1961.

For companies there are four payment deadlines 15th, June; 15th Sep: 15th Dec and 15th March for every previous year, except assessee is opting for section 44AD u/s IT Act, 1961. 

Considering your case, as mentioned by you that there is no tax liability on the company neither as per normal provisions of Income tax nor u/s 115JB of IT Act, 1961. Hence, there is no liability to submit advance tax.

Thanks Varun,

i dont know why boss is asking for the same, even muy point is same, let me ask you onee more thing, our last year,s reserve ansd surplus was 1,40,14,523/- will this make any difference in this case???

sorry for typo mis.

Dear

Reserve and surplus is a balance sheet item, and provisions of advance tax talks about your tax liability on current income,

Hence it doesn't affect it in any way.