08 January 2017
ACCORDING TO IT ACT,1961 ELIGIBLE PERSONS HAVE TO ESTIMATE THEIR INCOME AND THEN PAY TAX IN 3/4 INSTALLMENTS ACCORDING TO HIS/HER STATUS. IF THERE IS ANY DEFERRMENT OR SHORT PAYMENT IN ANY INSTALLMENT, ASSESSSEE HAS TO PAY INTEREST ON THE SHORTFALL IN EACH INSTALLMENT. SO I WANT TO KNOW THAT HOW WOULD INCOME TAX DEPARTMENT KNOW ABOUT OUR ESTIMATION? PLEASE EXPLAIN IT TO ME IN DETAIL..
08 January 2017
Based on taxable income declared by you in your tax return ,advance tax to be paid in 4 Installment first quarter 15% 2 nd quarter 45% 3rd quarter 75% and 4th quarter 100% of tax liability. If any short fall interest applicable u/s 234C.
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