IS IT MENDATORY TO DEPOSIT ADVANCE INCOME TAX IN CASE OF LOSSES.
advance income tax in case of losses
Divya sharma (CHARTERED ACCOUNTANT) (250 Points)
18 December 2008
8 Replies
CA Tilak Raj Sharma
(Practising CA in Solan (H.P.))
(6374 Points)
Replied 18 December 2008
No, it is not mandatory.
RAJU
(LEARNER)
(1089 Points)
Replied 18 December 2008
Advance Tax needs to be paid only if your expected tax liability is more than Rs.5000.
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 18 December 2008
According to Section 208 of IT Act Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is 47[five thousand] rupees or more.]
pappu mishra
(Service)
(121 Points)
Replied 24 December 2008
As per SEC. 234A if income of assessee is more than Rs.5000/- then only Advance tax shall be paid and not in case of loss
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