If a new company starts working in February and generates profit of 20,000/- in two month up to 31st March. Should it be liable to pay interest for not paying advance tax ?
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Advance tax liability if the only bill raised in march
Replies (1)
Assessee would be liable to pay income tax liability in installment basis (through advance tax manner) u/s 208 provided total tax liability is exceeding Rs. 10000 and not when Profit exceeds Rs. 10000. Hence in your case, no need to pay any interest on deferement of advance tax since advance tax itself is not applicable.
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