Advance tax paid with surcharge

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2013 a company paid advance tax first 3 instalemts with surcharge in anticipation of total income will be more than Rs. 1 crore.But at the time of 4 th instalment the total income is less than 1 crore, paid without surcharge.

Can the company can consider the surcharge paid in excess of tax earlier as tax and adjust against self assessment tax while filing the return

Please answer thanks in advance

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 May 2013 Yes. you can adjust the surcharge payment against the tax payable in self assessment

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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26 May 2013 You calculate the Advance Tax on total income for 4th installment and then deduct whatever you have paid including surcharge. The remaining amount you have to pay including surcharge.

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