soweme (Fece) (23 Points)
11 September 2021Last year income was 18 lakh.
This year my CA advice is to pay the advance tax based on that amount.
But I might be getting 10 crore as income on first week of March 2022. So at that point the income and tax amount is very large. Any idea on what to do in that case ? I currently dont have the money to pay advance tax for 10 CR , also not 100% confirmed I will get the order.
How to proceed. Any advice will be helpful.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2010 Points)
Replied 11 September 2021
Good,
pay advance tax at the time of receipt of Income .
soweme
(Fece)
(23 Points)
Replied 11 September 2021
if received after March 15th I wont be getting interest applied (per Section 234B) as long as I pay immediately after getting income ?
I am a bit worried since my tax liability changes drastically based on an event that happens end of financial year.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2010 Points)
Replied 11 September 2021
IF you pay adavance tax on or before 31/03/2021 than no interest will be charged u/s 234 B
it is deemed to pay on time.
how ever minor interest u/s 234 C will be charged for defferment of advance tax
veerendar singh
(tax consultant)
(3301 Points)
Replied 11 September 2021
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