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Advance tax inclusive of cess?
Please clarify the same
Replies (3)
Ankush pls clarify ..
1. According to sec 207, advance tax needs to be paid on the total income of the assessee during the FY on each quarter within 15th at the end of the months.
2. Net tax payable if it exceeds Rs. 10,000 during the year are required to pay advance tax. Certain exemptions are provided to certain assessees.
3. Only final tax liabilities are considered which also includes cess and surcharges. Hence advance tax should be paid considering surcharge and as well as cess.
Please correct me if the above solution has an alternative view.
Advance tax Instalments are calculated on the total tax amount ( including Surcharge and cess) as reduced by TDS and TCS ( based on estimated total taxable income of the relevant FY. )
Senior Citizens do not have to pay advance tax.
No advance tax if net tax payable is < 10000/-
Senior Citizens do not have to pay advance tax.
No advance tax if net tax payable is < 10000/-
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