Advance tax
This query is : Resolved
06 September 2013
what is the difference between advance tax and actual income tax we pay on 31st july
06 September 2013
Advance tax means paying of tax in advance as estimation basis for the running current year(i.e running year's assessment year)
Actual tax means computed total tax liability based on the incomes for already completed year and paying of tax.
For example Now if you paying tax for A.Y 2014-15 then it called Advance tax because of A.Y 2014-15(F.Y 2013-14) year at present didn't end.
If you paying tax for A.Y 2013-14 then it called self assessment tax(in your view actual tax) because of A.Y 2013-14(F.Y 2012-13) year already ended and tax now paying.
OM SAI SRI SAI JAI JAI SAI
Actual tax means computed total tax liability based on the incomes for already completed year and paying of tax.
For example Now if you paying tax for A.Y 2014-15 then it called Advance tax because of A.Y 2014-15(F.Y 2013-14) year at present didn't end.
If you paying tax for A.Y 2013-14 then it called self assessment tax(in your view actual tax) because of A.Y 2013-14(F.Y 2012-13) year already ended and tax now paying.
OM SAI SRI SAI JAI JAI SAI
Message likes :
1 times
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?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING ACCOUNTING CODE FOR SERVICE TAX PAYMENT
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- 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 ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
