Advance tax
This query is : Resolved
13 March 2014
My company is liable for audit u/s 44AB and paying advance tax for this quarter first time only.
I've some questions, please answer asap
1) Is payment in electronically form compulsory?
2) In what name cheque should be prepare?
3) As I mentioned above for this A.Y. 2014-15 company is paying advance tax first time only, is interest liability created? and with this advance tax am I to pay interest separately?
I've some questions, please answer asap
1) Is payment in electronically form compulsory?
2) In what name cheque should be prepare?
3) As I mentioned above for this A.Y. 2014-15 company is paying advance tax first time only, is interest liability created? and with this advance tax am I to pay interest separately?
13 March 2014
According to the CBDT guidelines the assessee who are liable for tax audit u/s 44AB must and should be required to pay their tax through online(electronically).
If the company having internet banking facility then tax can be pay from the account of the company, in case it doesn't have then tax can be pay from any of the other account holders who has internet banking facility or the company has account in AXIS Bank then through AXIS bank you can pay tax(because of Axis bank providing e-tax payment facility) by drawing a cheque in the name of "YOUR SELF" for payment of tax for PAN No:
Now(means at the time of payment of advance tax you need not to calculate or pay interest liability) the computation of interest liability shall be done at the time of filing of return of income(because of interest liability shall be depending on the amount of total income tax payable)
So now you just pay tax amount as Advance tax for how much amount you want to pay now.
OM SAI SRI SAI JAI JAI SAI
If the company having internet banking facility then tax can be pay from the account of the company, in case it doesn't have then tax can be pay from any of the other account holders who has internet banking facility or the company has account in AXIS Bank then through AXIS bank you can pay tax(because of Axis bank providing e-tax payment facility) by drawing a cheque in the name of "YOUR SELF" for payment of tax for PAN No:
Now(means at the time of payment of advance tax you need not to calculate or pay interest liability) the computation of interest liability shall be done at the time of filing of return of income(because of interest liability shall be depending on the amount of total income tax payable)
So now you just pay tax amount as Advance tax for how much amount you want to pay now.
OM SAI SRI SAI JAI JAI SAI
Message likes :
1 times
13 March 2014
RTGS/NEFT is equal to online (electronically) payment.
OM SAI RAM
OM SAI RAM
13 March 2014
Yes, RTGS/NEFT is called as online(electronically) transaction but for the purpose of tax payment we can use RTGS/NEFT there is separate option for payment of tax which is works as RTGS/NEFT but we can't say it is RTGS/NEFT payment.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
14 March 2014
Thanks sir for your guidance but still I've some queries so please solve it
1)Is Challan 280 also required if we payment electronically and
2)Where should I submit this challan.
OM SIA RAM JAI SAI RAM
1)Is Challan 280 also required if we payment electronically and
2)Where should I submit this challan.
OM SIA RAM JAI SAI RAM
14 March 2014
If you paying tax through internet banking then hard copy of Form 280 not required, at the below link you can pay tax through interest net banking facility
https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
by selecting the form no which is applicable to your for payment of tax then it provides you soft copy of tax payment challan.
In case if you paying tax through Axix Bank then Axix bank has their own format of tax challan, so go to the bank and ask them and get challan and fill it and enclose the cheque and submit to them, they will give you tax paid receipt with the details of payment.
OM SAI SRI SAI JAI JAI SAI
https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
by selecting the form no which is applicable to your for payment of tax then it provides you soft copy of tax payment challan.
In case if you paying tax through Axix Bank then Axix bank has their own format of tax challan, so go to the bank and ask them and get challan and fill it and enclose the cheque and submit to them, they will give you tax paid receipt with the details of payment.
OM SAI SRI SAI JAI JAI SAI
14 March 2014
Thanks sir. I am much obliged to you for your timely help.
OM SAI RAM JAI SAI RAM
OM SAI RAM JAI SAI RAM
14 March 2014
With pleasure; welcomes you.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
24 March 2014
Sir, once again I'm here with one more question.
My HOD paid advance tax of Rs. 50 lakhs threw a/c payee bank cheque in the name of "IDBI Income Tax" and same has been cleared in bank. How it possible, while company is liable for compulsory electronic mode of payment?
My HOD paid advance tax of Rs. 50 lakhs threw a/c payee bank cheque in the name of "IDBI Income Tax" and same has been cleared in bank. How it possible, while company is liable for compulsory electronic mode of payment?
24 March 2014
It is the responsibility of the assesee to pay taxes through online. Banks doesn't consider the things it just follows the instruction by their client. Your company drawn a cheque for payment of tax it means your assessee instructed the bank pay tax so bank has to just follow the instruction of the client and it doesn't object you.
CBDT saying pay tax online, but not the bank says the same, so if you fill challana for tax payment and submitted to bank along with cheque/cash for tax amount then it just pay and issue a challana. So while in the case of scrutiny if any then AO shall check and considers the facts and object the payment. so it is not the duty of bank and thus it is possible.
OM SAI SRI SAI JAI JAI SAI
CBDT saying pay tax online, but not the bank says the same, so if you fill challana for tax payment and submitted to bank along with cheque/cash for tax amount then it just pay and issue a challana. So while in the case of scrutiny if any then AO shall check and considers the facts and object the payment. so it is not the duty of bank and thus it is possible.
OM SAI SRI SAI JAI JAI SAI
Message likes :
1 times
24 March 2014
OK let me know that if we pay any mode other than online, it creates any problem?
OM SAI RAM JAI SAI RAM
OM SAI RAM JAI SAI RAM
24 March 2014
It depending on the Assessing officer, because of some of the officer may consider it serious one as committed mistake and some may not consider it.
As per my view 99% there is no problem for another mode of payment, because of CBDT has instructed for payment of tax through online only but it doesn't indicated for any penalty or punishment for failure to this, so due to this mistake there is no income to the department then generally Assessing officers may not concentrate on this subject. But some are may consider it as violation of law/act/rules etc...
OM SAI SRI SAI JAI JAI SAI
As per my view 99% there is no problem for another mode of payment, because of CBDT has instructed for payment of tax through online only but it doesn't indicated for any penalty or punishment for failure to this, so due to this mistake there is no income to the department then generally Assessing officers may not concentrate on this subject. But some are may consider it as violation of law/act/rules etc...
OM SAI SRI SAI JAI JAI SAI
24 March 2014
OK, Thank You sir. Sir are you practicing CA?
Really You Help me a lot to update my knowledge, actually I'm a CA Final student and keen to update my knowledge.
Really You Help me a lot to update my knowledge, actually I'm a CA Final student and keen to update my knowledge.
24 March 2014
No, I Am CA Final year student from Andhra Pradesh.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
25 March 2014
Its good bro same field :)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
