Advance tax

This query is : Open

Bidyut Kumar Das (Querist)
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25 March 2014 Dear Sir,

I am a new taxpayer.
From April 2013 to March 2014 my income is about 5.2 lakh INR. I have missed the advance tax payment date i.e 18th march 2014. I have invested 80000.00 INR in Tax saving Scheme. Please guide me what to do now for paying the tax. I am a self employed software developer.

Do i need to audit my income ?
How to pay IT and claim IT return ?

Please let me know asap.
Thanks

V K Bajaj

V K Bajaj (Expert)
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26 March 2014 You need not to maintain books of accounts so no audit etc.

You need not to worry if advance tax not paid.

Now you calculate your net taxable income after considering investment and other expenses incurred.

To me seems your net taxable income would be below taxable limit = ZERO TAX

contact@vkbajaj.co.in

Message likes : 1 times

Bidyut Kumar Das

Bidyut Kumar Das (Querist)
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27 March 2014 Dear sir,

Can you explain how my income is below taxable limit ?

My Income Details
I started working on Oct 2012
Therefore,

Oct 2012-March 2013 net income in approximately 1.6 Lakh INR (Below taxable limit)
Expenses around 20000 INR for making this income and in family expenses.

Apr 2013-March 2014 net income in approximately 5.2 Lakh INR
Expenses around 30000 INR for making this income, 80,000 in ITSS and rest family expenses. Ultimately i have 80000 INR saved in ITSS at the end of the year.

Please let me know how much will be taxable income ?

Thanks

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V K Bajaj

V K Bajaj (Expert)
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27 March 2014 Dear Mr Das

All that I said" To me it seems that your net taxable income would be below taxable limit = ZERO TAX"

So I never said that it is below taxable limit.

To know the actual and final net taxable limit there are other facts which should be mentioned apart from already mentioned.

contact@vkbajaj.co.in