Loss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2014 I'M A BUSINESSMAN.IN PREVIOUS YEAR I INCURRED LOSS SAY RS. 500000 AND IN CURRENT YEAR I EARN PROFIT OF RS.1500000 THEN TELL WHAT IS TREATMENT FOR ADVANCE TAX

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 June 2014 compute your tax liability after adjusting for loss and apportion the same over advance tax instalments.

Rupesh Jain

Rupesh Jain (Expert)
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23 June 2014 in last year if you file return on or before the due date us 139 (1) then you can set off the loss of previous year agst current year income. after that you calculate the income and deposit the advance tax.

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Rupesh Jain

Rupesh Jain (Expert)
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Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2014 SUPPOSE,IN CURRENT YEAR I ALSO INCURRED LOSS SAY RS. 500000
THEN MY QUESTION IS CAN GOVT. GIVE BENEFIT OF INTEREST DUE TO NON PAYMENT OF ADVANCE TAX