Difference between Advance & Income Tax
This query is : Resolved
30 March 2010
This is the 1st time i would be paying Taxes.
Im doing business & have earned around 4lac during Apr 09 - Mar 10.
To pay Taxes Online, which option should i choose - should i tick Advance Tax or Income Tax(Self-Assesment Tax).I also heard that the last date to pay is March 31st 2010 for both.
Hope to get a quick answer as tomorrow is the last date.
Im doing business & have earned around 4lac during Apr 09 - Mar 10.
To pay Taxes Online, which option should i choose - should i tick Advance Tax or Income Tax(Self-Assesment Tax).I also heard that the last date to pay is March 31st 2010 for both.
Hope to get a quick answer as tomorrow is the last date.
30 March 2010
Hello,
Taxes paid before 31st march is known as Advance tax paid. Income tax and advance tax are same term.. Income tax means tax liability on the income, and advance tax means you paid the said tax liability quaterly as per the provisions... IF you pay the remaming tax after 31st march but before filing return of Income than it is called Self assessment tax.....
Taxes paid before 31st march is known as Advance tax paid. Income tax and advance tax are same term.. Income tax means tax liability on the income, and advance tax means you paid the said tax liability quaterly as per the provisions... IF you pay the remaming tax after 31st march but before filing return of Income than it is called Self assessment tax.....
30 March 2010
Agreed with Expert Shivang.
The difference is between Advance Tax and Self Assessment Tax. Both are Income tax with the difference of the time of payment.
Advance tax is paid on the estimation of the Income you will earn during the year and is paid before the end of the Financial Year i.e 31st March.
Self Assessment Tax is the tax paid as per the Assessment of income made by you at the time of filing your Return. So it is paid in the Assessment year before filing the Return.
So if you are paying befor 31st march, select it as Advance Tax.
The difference is between Advance Tax and Self Assessment Tax. Both are Income tax with the difference of the time of payment.
Advance tax is paid on the estimation of the Income you will earn during the year and is paid before the end of the Financial Year i.e 31st March.
Self Assessment Tax is the tax paid as per the Assessment of income made by you at the time of filing your Return. So it is paid in the Assessment year before filing the Return.
So if you are paying befor 31st march, select it as Advance Tax.
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30 March 2010
AGREE WITH EXPERTS.
30 March 2010
I haven't paid the taxes till now for the assessment year 2010-11(Apr 09-Mar 10) & tomorrow is the last date.
So, can I pay by tomorrow by choosing Self-Assessment tax OR is it compulsory that I should choose Advance Tax only?
So, can I pay by tomorrow by choosing Self-Assessment tax OR is it compulsory that I should choose Advance Tax only?
30 March 2010
pay it as advance tax
30 March 2010
Thanks experts for your help..But if i pay it as Advance Tax, should i have to pay self-assessment tax also, before filing returns?
Also if i pay the tax as advance tax tomorrow, there will not be any remaining tax.
The last date to file return for Apr 09-Mar 10 is June 2010,i hope
Also if i pay the tax as advance tax tomorrow, there will not be any remaining tax.
The last date to file return for Apr 09-Mar 10 is June 2010,i hope
30 March 2010
self assessment tax is payable if there is any tax due. since you have not paid advance tax, u may have to pay interest u/s 234B and 234C.
30 March 2010
it's better to pay Advance tax to avoid interest u/s 234A/B/C
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