Advance tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 April 2016 Tax payable by X on or before 15th Sep 2015 from Rent from HP Rs.46000p/mth , Municipal Tax paid by him Rs.32000 so Advance Tax payable by him in this case

30 April 2016 Total Annual Rent = 46000 X 12 = 552000/-
Standard Deduction @ 30% = 165600/-
Municipal Tax = 32000/-

Income from House Property = 552000 - 165600 - 32000 = 354400/-

Tax on above = 10440
Rebate u/s 87A = 2000

Tax Payable = 8440
Cess = 253

TOTAL TAX = 8693/-

Since total tax liability is less then 10000/- hence no liability to pay advance tax.

30 April 2016 Need not pay Advance tax since tax liability is less than Rs.10000/-




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