06 December 2012
Presumptive Income(8% of Turnover): Rs. 128702. Interest Income: Gift Income: 620000 Would I be liable to pay advance tax..?? how much..??
06 December 2012
First confirm is the gift income is taxable or exempted in your hands or say the details regarding receipt of gift i.e from whom you received and relation ship between you and the gift payer etc...
06 December 2012
Under presumptive income, advance tax provisions will not apply.
However, for other income i.e, gift income, advance tax to be worked out and paid in installments within due date based on corporate and non-corporate assessees.
06 December 2012
Then you have to pay advance tax. at the following dates and amount.
Your total taxable income is Rs.748702
Your total tax liability for A.Y.2013-14 is Rs.82132. on this you have to pay minimum 30% on or before 15-9-2012, 60% on or before 15-12-2012 and 100% on or before 15-3-2013. In case if your gift income received after 15-9-2012 then your advance tax liability will starts from 15-12-2012 with 60% amount and 100% amount respectively.
Assumptions: Assumed no deductions under Chapter VIA for tax computation and individual assessee.
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