Hi,
The advance tax for a partnership firm and one of its partners for FY 2013-14 was paid in 3 installments as usual, with the last payment made on March 15th 2014. This advance tax calculation was based on certain assumptions about the possible income.
At the end of the FY 2013-14, the actual income turned out to be more for both the firm and the partner. So now there is a deficit in the advance tax.
Question : What is the earliest date when this deficit can be paid along with the interest? Should we wait until the IT return forms (ITR-3 and ITR-5) are announced and only then pay the deficit with interest and file the return or can pay the deficit with interest right away?
One accountant (not a CA) that I work with said that we have to wait till the forms are announced and only then pay the deficit and interest.
This did not sound right to me because, the interest will unnecessarily increase for no delay by the taxpayer. The government is delaying the release of the forms. So although we are ready to pay the deficit with interest are we expected to bear the delay from the IT department?
It would be really helpful if someone clarifies this.
CAclubindia
