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 ?
Menu
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.
Recent Topic
- Tax obligation in AY 2026-27
- EFILING ITR2 FROM COMMON FILING UTILITY
- SBI gold bond interest
- PPF Interest Exempt - But what drop down to choose
- Itr2 or itr3 intraday trade 1 loss of 70 paise
- Calculation of IT
- CA FINAL FR IndAS 33 Doubt(Corrected)
- Clarification Needed: Reporting Accrued vs Paid FD
- TDS on prize given to participants in Livestock sh
- TDS related matter - 194 IA
Related Topics
CAclubindia
