Advance tax on presumptive income..!!
This query is : Resolved
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..??
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...
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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.
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.
OM SAI SRI SAI JAI JAI SAI
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.
OM SAI SRI SAI JAI JAI SAI
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
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- E way bill for tractors
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Agriculture income or business income
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
