27 November 2009
Is it required to pay advance tax for partnership firm who is only conducting services also TAN is required for such firm ? what is the Tax limit for such firm
27 November 2009
Advance tax liability is for all assessees if the tax liability computed as per provisions of the Act and after giving credit for TDS is more than Rs. 5,000/-.
TAN is required if any payment is made liable to TDS deduction. TDS deduction is compulsory for firms.
27 November 2009
Yes Partnership firm will have to pay advance tax if its tax liability for the Previous year is or likly to exceed Rs. 5000/- (Refer sec 208 of IT ACT 1961. It doesnt matter whether firm is providing servioces or engaged in other activity. TAN is required if firm is going to make a payment liable for TDS. there is no minimum limit for TAN
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