Income tax

Section 208. Conditions of liability to pay advance tax:

Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is Rs. 5000/- or more.
(i) Advance tax to be paid on or before 15 September is 30% of tax due, 
(ii) Advance tax to be paid on or before 15 December is 60% of tax due, 
(iii) Advance tax to be paid on or before 15 March is 100% of tax due.

Section 234B. Interest for defaults in payment of advance tax
Where, an assessee who is liable to pay advance tax has failed to pay such tax or, where the advance tax paid by such assessee is less than ninety per cent of the assessed tax, the assessee shall be liable to pay simple interest at the rate of 1 % for every month or part of a month comprised in the period from the 1st day of April next following such financial year to the date of determination of total income under sub-section (1) of section 143, 
and where a regular assessment is made, to the date of such regular assessment, on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid falls short of the assessed tax.

Section 234C. Interest for Deferment of Advance Tax 
For other than a company. If an assessee has failed to pay advance tax under section 208 or
(i) Advance tax paid on or before 15 September is less than 30% of tax due, on the shortfall interest is payable at 1 per cent per month for three months,
(ii) Advance tax paid on or before 15 December is less than 60% of tax due, on the shortfall interest is payable at one per cent per month for three months, and
(iii) Advance tax paid on or before 15 March is less than 100% of tax due, on the shortfall interest is payable at one per cent per month for period till the tax is paid.

1. Therefore, income for the current year should eb estimated as precisely and correctly as possible. 
2. If any capital gain or casual income arises subsequent to payment of an installment , the remaining installments of advance tax should be accordingly revised.  If any such income arises after 15the March, tax should be deposited on such incomes latest by 31st March of the Financial Year. 
3. Remember, non/short payment and deferment of Advance Tax attracts penal interest.

1. Assessee's Name
2. Complete Address of Assessee.
3. Permanent Account Number 
4. Assessment Year 
5. Assessing Officer's Ward or Circle 
6. Amount of Advance Tax, Surcharge and Cess (if any).

Dear Chetan

Anybody can pay Advance Tax. Advance tax is similiar to pay tax the only diffrence is In Advance Tax we have to pay tax before ending of Financial Year
.

Now any assesse is liable to Pay Tax Rs, 10,000 or more  in a year must have to Pay Advance Tax. (previously limit was Rs. 5000).

Regards

I WANT TO SALARY PROCEDURE FORMAT IN EXCEL 2011-12

Dear Sir,s

Requested to help or resolve the query for taxes(Sales, TDS) as per below mention: -

Suppose there are two vendors  A & B

A have restaurants (FOOD) business at different different palaces.

B have a mall and invites to A to open the restaurant in B’s Mall in Delhi

Suppose A raised a bill for the whole day sale on daily basis as per below : -

Total sales : -  Rs.  1000.00

VAT on sales : -        120.00

Gross Sales : -     1120.00

But B charges 10% margin on above amount sales from the customers as per below : -

Total Sales : - Rs. 1000.00

Add Margin : - 100.00 ( @ 10%)

Net sales : - 1100.00

Vat on sales : - 137.50 ( @ 12.5%)

Gross sales  : - 1237.50 for B.

In the above case is there any liability for TDS For A. (Because A sales food material on A’s brand name at B’s Palace and B charges 10% margin amount.