Advance tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2012
DEAR EXPERTS
PLS TELL ME IN BRIEF ABOUT ADVANCE TAX
1) WHO CAN LIABLE FOR PAID ADVANCE TAX
2) BENEFITS OF PAID ADVANCE TAX
3) DATE OF PAID A.TAX AND HOW TO PAY?
THANKS
PLS TELL ME IN BRIEF ABOUT ADVANCE TAX
1) WHO CAN LIABLE FOR PAID ADVANCE TAX
2) BENEFITS OF PAID ADVANCE TAX
3) DATE OF PAID A.TAX AND HOW TO PAY?
THANKS
09 March 2012
1. Wherever Tax Liability after TDS exceed Rs. 10,000/- in a year
2. Not Levying of Interest u/s 234C or Penalty
3. For Individual- 15th Sep, 15th Dec and 15th March
4. For other than Individual- 15th June, 15th Sep, 15th Dec and 15th March
2. Not Levying of Interest u/s 234C or Penalty
3. For Individual- 15th Sep, 15th Dec and 15th March
4. For other than Individual- 15th June, 15th Sep, 15th Dec and 15th March
09 March 2012
i agree with expert. i brief with example
E.g a Company earn profit 500,000 and tax rate for company 30%. Then company tax liability 150000.00. i cross the limit of 10000/- then they will pay the tax in four installment in above date.
For Individual income 500,000
0-180000 nil
180000-5 Lakh 320000
Tax liability 320000*10% = 32000
E.g a Company earn profit 500,000 and tax rate for company 30%. Then company tax liability 150000.00. i cross the limit of 10000/- then they will pay the tax in four installment in above date.
For Individual income 500,000
0-180000 nil
180000-5 Lakh 320000
Tax liability 320000*10% = 32000
09 March 2012
Continue with Mr. Ravi's example:
that 32000 should be payable in three instalment. 39% of 32000 in 15th sept, 30% of 32000 by 15th dec and 40% of 32000 by 15th march otherwise 234c will be applicable.
that 32000 should be payable in three instalment. 39% of 32000 in 15th sept, 30% of 32000 by 15th dec and 40% of 32000 by 15th march otherwise 234c will be applicable.
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