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Necessary date

(Guest)

So i will be filing income tax under 44AD for the financial year 2018-2019 in which i need to pay advance tax.

But the due date of 15 March 2019 has passed for fy 2018-2019.

My question is when do i need to pay the tax for it and when do i file the ITR.

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13 Replies

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 20 March 2019

At the time of filling ITR...
Due date is on or before 31st July 2019***

(Guest)

What about tax payment when do i need to pay the tax?

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 20 March 2019

Originally posted by : Ramesh
	What about tax payment when do i need to pay the tax?

Based on Your Taxable Income...

(Guest)

the tax liabilty for advance tax exceeds 10,000 for fy 2018-2019 which was march 15 2019 when do i pay the tax and file the itr.

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 20 March 2019

Originally posted by : Ramesh
	the tax liabilty for advance tax exceeds 10,000 for fy 2018-2019 which was march 15 2019 when do i pay the tax and file the itr.

Yes...

Bro.,

Ask Your query correct way...

What is Your actual query...?

(Guest)

see i needed to pay advance tax for fy 2018-2019. if i am correct the last date for paying advance date was 15 March 2019.

Now i need to when can i pay this advance tax and how much will be the penalty.

Also when will i file itr for it.

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 20 March 2019

You are confused about Advance Tax on Income tax...

Please go to this website and get some details after come back ask your doubts...

https://www.hrblock.in/guides/advance-tax-payment/

Why you pay advance tax...?
Why is Your business...?
What is Your turn over...?
How much Your profit...?
What is Your tax liability...?
etc etc....

(Guest)

Thanks for pointing out the article sir

So my profit for fy 2018-2019 is 500000 after all deductions

So now my income liability exceeds 10,000. but as the due date for the advance tax is 15 March 2019.

My confusion is that the article says that a taxpayer can still pay the advance tax as self assessment until 31 March 2019.

My question is does paying the self-assessment between 15 March to 31 March attracts any penalty. if yes does it also include 24f fees.

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 20 March 2019

https://cleartax.in/s/interest-imposed-by-income-tax-department-under-section-234a

https://cleartax.in/s/interest-imposed-by-income-tax-department-under-section-234b

https://cleartax.in/s/interest-imposed-by-income-tax-department-under-section-234c

Please see the interest related articles in the above give links...

Sec 234F is applicable if ITR filing after the due date...

Yes... Advance tax date is on or before 15th of March. it's gone.

Now you can pay tax as Self Assessment tax... When you paid the tax then at the time of filling the Tax amount taken as per payable date...

Ajay Venkatesh (Student CA Final ) (69 Points)
Replied 20 March 2019

the advance is applicable if income tax payable exceeds 10000 after deducting tds. The advance tax due date is 15 march for 44AD assesses. however advance can be paid before 31 st march with interest under sec 234C. if paid after 31st march then int payable u/s 234 C n B with self assessment tax.

(Guest)

So if i pay within 15 March and 31 March. i do not have to select the "after the due date" option in which i will file in ITR later? and can select the due date" option?

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 21 March 2019

The option for filling of ITR. Not for payment...

(Guest)

Yeah that is the confusion for me.

In ITR when we select on or before date/ after due date. is this due date related to ITR form filing or the related to the tax paid (which in my case was paid after between 15 March and 31 March 2019)

My understanding currently is that

Payment of full advance tax between 15 March and 31 March will include 234C

Payment of full advance tax after 31 March will have 234C and 234B

And filing of ITR after due date will have 234A

Is this correct?