Advance tax in loss making company

hi expert, i wanna clear the situation as our company is in loss situation and even book profit u/s 115JB is also negative, we even have TDS amount of 400000/- as per 26AS, my boss asked me to advice him to advance tax liability of the company . I told him that there is no need of advance tax , but he always keep on saying there is liability , how is it possible???? please make me clear about the situation. he has given me time till today!!
Replies (4)

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.  

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details
Company
ARTICLESHIP 25 October 2026
Article Intern (CA Articleship)

Arpan Bohra & Co

Hyderabad

CA Inter

View Details
Company
24 October 2026
CA Industrial Trainee

Fytomax Nutrition Private Limited

Aurangabad

CA Inter

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details
Company
Featured 07 November 2026
Paid Assisstant

DPV & Associates

Chennai

CA Inter

View Details
Company
10 November 2026
Direct Tax Manager

CAAQ CONSULTANCY PVT LTD

New Delhi

CA Final

View Details
Company
13 November 2026
Accountant

New Mobile India

Muzaffarpur

B.Com

View Details
Company
31 October 2026
Accountants

sankaran and krishnan

New Delhi

B.Com

View Details