Advance payment of tax.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 February 2012
How do you view such cases , where advance tax is offered , assuming the regular shall not be in assessee favour but files return otherwise i.e issue shall be in assessee's favour.
How do you view such cases , where advance tax is offered , assuming the regular shall not be in assessee favour but files return otherwise i.e issue shall be in assessee's favour.
26 February 2012
Our views :
1. Advance tax is offered :
Means the assessee has deposited the amount to earn 6% interest.
Assuming the regular shall not be in favour
of the assessee but files return otherwise:
Means you want to say that the Tax on regular Assessment is higher but somehow the assessee has managed the tax liability within the advance tax limits.
In such a case - where the income is found to be intentionally suppressed, or excessive expenditure found to be claimed so, the assessee may be made liable for tax as well as penalty in appropriate cases.
1. Advance tax is offered :
Means the assessee has deposited the amount to earn 6% interest.
Assuming the regular shall not be in favour
of the assessee but files return otherwise:
Means you want to say that the Tax on regular Assessment is higher but somehow the assessee has managed the tax liability within the advance tax limits.
In such a case - where the income is found to be intentionally suppressed, or excessive expenditure found to be claimed so, the assessee may be made liable for tax as well as penalty in appropriate cases.
Message likes :
1 times
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 February 2012
Regular Assessment may not be in their favour but appeal are in their favour . how do you view such cases, where tax is paid higher but return is for lower tax
Regular Assessment may not be in their favour but appeal are in their favour . how do you view such cases, where tax is paid higher but return is for lower tax
03 April 2012
The expert has correctly answered I agree with him and no extra comment is required.
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
- SEC 54 OF IT ACT
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- Form 26QB for TDS on property
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- BLOCKED-INELIGIBLE GST CREDIT
- Amendment of September 2021 Invoice
- Partnership Business Can start India (two partners one is Indian and OCI both are wife and Husband)
- Whether still royalty
- TDS NUMBER SURRENDER
- Appeals vs Writ court -certain doubt
- Withholding tax applicabikity for foreign paymenttowqards physio therapy treatment
- Input credit reversal for the FY2023-24
- Regarding Form 15CA & CB
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
