Advance tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 May 2016
Dear sir,
A proprietor concern's tax liability is
Below 10000/- plz guide me weather
This proprietorship concern liable to
Pay Advance tax or not,
Regard
Anuj shree
A proprietor concern's tax liability is
Below 10000/- plz guide me weather
This proprietorship concern liable to
Pay Advance tax or not,
Regard
Anuj shree
02 May 2016
As per section 208 of the Income Tax Act, 1961
'advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is ten thousand rupees or more'.
'advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is ten thousand rupees or more'.
Message likes :
1 times
02 May 2016
No need to pay advance tax.
Message likes :
1 times
02 May 2016
No, Not liable to pay Advance Tax as annual tax liability is below Rs.10,000/-.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Disclaimer - Before making any decisions do consult the experts. We do not take any responsibility for misrepresentation or interpretation of act or rules. Neither we nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Disclaimer - Before making any decisions do consult the experts. We do not take any responsibility for misrepresentation or interpretation of act or rules. Neither we nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.
02 May 2016
not liable to pay advance tax if tax liable amount below rs.10000/-
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 May 2016
Sir it means No interest shall be lavied
u/s 234B,C, right.... also let me know will
this formula of 10000/- be applicable on
partnership firm and on companies,
u/s 234B,C, right.... also let me know will
this formula of 10000/- be applicable on
partnership firm and on companies,
02 May 2016
Yes No Interest U/S 234 B & C for default in Advance Tax. Yes Limit of Rs. 10000/- is applicable on partnership firm and companies also.
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