gaurav (mgr) (88 Points)
14 December 2010pls advice should i file adv tax if following figures are as under.
as per last year b/sheet net profit 25 lac, income befor exp 6 cror, dep 1.15 cror, and tax 6 lac.
current year income befor all exp till dec 9 cror, tds receivable 14 lac.
is there require any advnce tax dep
B. Umapathy
(student)
(405 Points)
Replied 14 December 2010
Mr. Gaurav,
Advance tax liability will fall only when tax liability exceeds Rs.10, 000/- not based on Net profit or other criteria. However, waiting CCI tes reply
CA Namrata ghosh
(CA)
(55 Points)
Replied 15 December 2010
As per Sec 208 it is obligatory to pay advance tax when tax liability exceed Rs.10000.There is no such criteria regarding net profit to pay advance tax.
Kiru.G
(Article Assitant)
(273 Points)
Replied 15 December 2010
According to sec.208 its obligatory to pay advance tax in every cases where the advance tax payable is rs.10000/- or more. an assessee who has opted for the scheme of computing business income under sec.44AD on persumptive basis at the rate of 8% of turnover.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
CAclubindia
