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Query on payment of advance tax

Tax queries 625 views 4 replies

I have a query for the Advance Tax payment.

As mentioned above in the year 2008 i have to make a payment of Advance tax for 2009-10 but not paid till now so can i pay advance tax this year(2012) for 2009-10 by calculating intrest in 234B/C.  

Please reply ASAP

Replies (4)

now you have to pay self assessment tax by calculating int on default in advance tax.

Yes, pay the tax as self assessment tax with interest. There is no concept of "advance tax" here, it will be payable for past years.

I have a Querry on Advance Tax Payment.

Suppose if Long Term Capital Gain occurs after last due date of Advance tax Payment i.e 15th March, is there any liability arises to pay Advance Tax after 15th March on Long Term Capital Gain Tax?

Dear Friend,

"Advance Tax" as the name suggests, it has to be paid by the assessee who has tax payable morethan 10,000 P.A, Should pay such tax as per the instalments prescribed under the act.

Since the year is completed, if any Tax You pay will be called self-assesment tax.

To make clear about Advance Tax Refer the link:https://www.exploreincometax.com/Income-tax-Ready-Reckoners/advance-tax-due-dates-compliances-interest-for-default


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