04 August 2010
Whether TDS is considered as Advance Tax Paid for the purpose of valuation of unquoted equity shares u/s 56(2)(viia)? Valuation rules specifies to dedcut "Advance Tax PAid" from the Book value of Assets. Does "Advance Tax PAid" will include the TDS or refers to only Advance Tax paid in Cash? Regards Sujit Talukder
04 August 2010
advance tax” means the advance tax payable in accordance with the provisions of Chapter XVII-C
This is where my confusion is. Section 210 specifies to pay Advaace Tax which is Tax liability minus TDS. So TDS is not paid in accordance with Section 210.Then how can we treat TDS as advance tax paid? Some more clarification required. regards Sujit
04 August 2010
advance tax” means the advance tax payable in accordance with the provisions of Chapter XVII-C
This is where my confusion is. Section 210 specifies to pay Advaace Tax which is Tax liability minus TDS. So TDS is not paid in accordance with Section 210.Then how can we treat TDS as advance tax paid? Some more clarification required. regards Sujit
04 August 2010
The notification states as under "any amount representing provision for taxation, other than amount paid as advance tax under the Income-tax Act, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto"
So to be excess over the tax payable TDS has to be included.
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