Advance tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 December 2011
At the time of payment of Ist Installment of advance tax i had ascertained estimated income of Rs.10,00,000 and accordingly paid advance tax. Now for the 2nd installment this estimated income can be changed or i have to pay advance tax installment as per the income estimated earlier only.
Plz reply its urgent
Plz reply its urgent
09 December 2011
Yes, you can change estimated income based on that you can pay 2nd installment.
09 December 2011
you shall calculate 2nd installment of advance tax on revised estimated income...you shall consider the effect of further income in earlier estimated income for calculation of 2nd installment of advance tax
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 December 2011
thanks plz tell me one more thing if on the basis of revised estimated income amount of earlier installment is computed as 100000 but on we have paid 55000 on the basis of previous estimated income then if this shortfall i.e.45000 is paid alongwith 2nd installment interest would be levied on Rs.45000/- and if yes under which section?
09 December 2011
Interest will be levied u/s 234C.
09 December 2011
Yes interest u/s 234C shall be levied for short payment of advance tax
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