Advance tax

This query is : Resolved

suresh (Querist)
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14 February 2019 AY 2018-2019 my tax liablity is Rs.23169/- (Tds deducted Rs.11169/- and 12000/- i have paid tax) my tax liablity is crossed Rs.100000/-. This is year (AY 2019-2020) There is no liablity and no need to pay tax also. shall i pay advance tax for this year. Kindly help me.

Regards
B.Suresh
9940430919

Nilesh Gami

Nilesh Gami (Expert)
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15 February 2019 advance payment of tax is arise only if you have tax liability in current year. If you don't have any tax liability in current year, no need for payment of tax.

Nilesh Gami

Nilesh Gami (Expert)
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15 February 2019 if survey is conducted by the assessee and its nature of business have excess/ shortage of stocks, then it should be considered as business income and explanation can be given to AO to avoid implication of section 68 of the income tax act. In my opinion it should be charged as business income and explanation can be given to the satisfactory of AO.

wrongly posted here.

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