Advance Tax
This query is : Open
12 December 2016
Hi experts,
I want to ask.our company did not pay any advance tax in previous year.But self assessment tax was paid for Rs. 45000.How to calculate the advance tax for this quarter?
12 December 2016
U may take the help of the following link:-
http://www.incometaxindia.gov.in/pages/tools/advance-tax-calculator.aspx
http://www.incometaxindia.gov.in/pages/tools/advance-tax-calculator.aspx
Message likes :
1 times
12 December 2016
Advance tax to be paid in 4 quarters. First quarter 15% of taxable liability, 2nd quarter 45% of tax liability, third quarter 75% of tax liability and fourth quarter 100% of tax liability after adjusting tax paid.
If any short fall of payment of Advance tax you have to pay interest u/s 234C.
So first you have to arrive approx taxable income for the year. You have to calculate 75%, same has to be paid, since you have not paid advance tax for first and second quarter.
If any short fall of payment of Advance tax you have to pay interest u/s 234C.
So first you have to arrive approx taxable income for the year. You have to calculate 75%, same has to be paid, since you have not paid advance tax for first and second quarter.
Message likes :
1 times
14 December 2016
can we deposit advance tax once in march?? I mean if we pay 100% of tax in march what rate of interest or penalty we have to pay?
14 December 2016
That is not advance tax. That is self assessment tax. U must have to pay the tax in installments.
14 December 2016
ok.We are not paying any advance tax this month too.can we pay through self assessment if yes,then kindly help
14 December 2016
If u had advance tax liability and u r not paying it on time then u need to pay interest for it. U may visit the following link:-
http://www.charteredclub.com/advance-tax/
http://www.charteredclub.com/advance-tax/
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
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- COP Surrender 2024
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- 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?
- Query for dubts
Trending Online Classes
CAclubindia
