ADV TAX APPLICABILITY???????VERY URGENT
This query is : Resolved
17 July 2011
Whether adv tax has to be paid if assessee opts for Presumptive taxation scheme @ 8%
17 July 2011
Need not pay advance tax. Pl see section 44AD(4).
Message likes :
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18 July 2011
Thank you sir for ur prompt Reply.
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?
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?
18 July 2011
No there is no restriction and you can easily switch to normal provisions
18 July 2011
Thank you sir for ur reply.
18 July 2011
switching to normal provisions, however, will attract provisions relating to Advance Taxes and interest under Sec 234B and 234C.
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
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.
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.
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