ADV TAX APPLICABILITY???????VERY URGENT

This query is : Resolved

Report Abuse Follow Query Ask a Query

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Querist)
Follow

17 July 2011 Whether adv tax has to be paid if assessee opts for Presumptive taxation scheme @ 8%

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

17 July 2011 Need not pay advance tax. Pl see section 44AD(4).

Message likes : 2 times

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Querist)
Follow

18 July 2011 Thank you sir for ur prompt Reply.

Upgrade to CAclubindia Pro. Subscribe Now!

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Querist)
Follow

18 July 2011 One more q sir!
Can Assessee switch from sec 44AD to normal provisions of the Act applicable next year?

or is there is any restriction to continue sec44AD once opted?

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
Follow

18 July 2011 No there is no restriction and you can easily switch to normal provisions

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Querist)
Follow

18 July 2011 Thank you sir for ur reply.

CA Navin Jain

CA Navin Jain (Expert)
Follow

18 July 2011 switching to normal provisions, however, will attract provisions relating to Advance Taxes and interest under Sec 234B and 234C.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

18 July 2011 If it is below 5000 no need to pay and other wise yes if not paid then add interest u/s 234A, B & C

Upgrade to CAclubindia Pro. Subscribe Now!

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

18 July 2011 To Mr. Agarwal
Threshold limit for advance tax is Rs.10,000/ or more. Pl see section 208 as amended by the Finance (no.2) Act,2009 w.r.e.f 01/04/2009.