When should my friend file income tax?

Hello,

 

My friend's income in the period apr 1, 2020 - mar 31, 2021 will be around rs. 875,000 (eight lakh seventy five thousand) only. He is a self employed business professional in information technology segment.

 

  1. When should my friend file income tax returns? before mar 31, 2021 or before dec 31, 2021?
  2. Does he need to file advance income tax? if yes, when?
  3. If no deduction is applied, what will be the income tax?

 

Thank you very much.

Replies (6)
Quick Summary
This discussion clarifies income tax obligations for a self-employed IT professional with an annual income of approximately £875,000. It addresses the crucial deadlines for filing income tax returns, which is typically by 31st July following the financial year. The conversation also delves into the necessity and timing of paying advance income tax, explaining that it's required if tax liability exceeds £10,000 and no TDS is deducted, with instalments due throughout the year, including before March 15th. Finally, it touches upon the estimated income tax payable based on tax slabs, even after considering investments like those under Section 80C.

1. by 31-07-2021
2. Adv income tax ...yes 4 instalments June Sept Dec Mar 2021.
3. as per slabs
1. Due date is 31 July 2021.
2. Yes, if no TDS deducted. Advance tax is to be deposited before 15 March 2020 to avoid interest.
3. 58500 as per new Slab

Advance tax if any remaining,  may be deposited on or before 15th March 2021

If my friend makes investment of Rs 1.5 lakh under Sec 80C before mar 15, does he need to pay advance income tax?

Yes he needs to pay advance itax

Then also he required to pay tax as tax amount is more than Rs.10000/-

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