FY 2018-19 I have opted in for Section 44AD
FY 2019-20, should I pay Advance Tax by 31 March 2020?
Each business transaction value < 10,000 . Hence no TDS deduction
Am I liable to pay Advance tax if Gross Receipt < 2.5 Lakh
Thx
3 Replies
Amish Maknojia
(Student)
(507 Points)
Replied 17 August 2019
Advance tax liability arises when your estimated tax liability for the year exceeds ₹10000
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 17 August 2019
1. The only basic condition imposed for payment of advance tax is "if the tax liability exceeds Rs. 10,000". Advance tax liability as per sec 208 will also be applicable to any person who decided to pay tax under presumptive taxation scheme under sec 44AD or sec 44ADA.
2. In your case since the gross receipts are only Rs. 2.5 lakhs hence there will not even be a tax liability. Hence payment of advance tax does not arise in the given case.
Please correct me if the above solution has an alternative view.
Kapadia Pravin
(17259 Points)
Replied 17 August 2019
No advance tax to be paid as you estimate gross receipts < 2.5 lakh. You review your estimate in Mar 2020 and decide accordingly
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