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advance tax

31 October 2017

if an individual having income from house prperty ₹46000 p.m.
and also paid muncipal tax ₹ 32000
than befor september what is hi advance tax liability

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7 Replies

(Guest)

if the income after all the deduction comes more than 10000/-

need to pay advance tax

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md shahadat (88 Points)
Replied 31 October 2017

i know bt what is net tax liability in abow case

md shahadat (88 Points)
Replied 31 October 2017

i know bt what is net tax liability in abow case

Pallav Bansal (CA Final) (372 Points)
Replied 31 October 2017

**No Advance Tax Liability as Liability as per point 15 does not exceed Rs. 10000**

1. GAV = 46000*12 = 552000 (GAV as you dont provide any other information)
2. Less MT actually paid
3. NAV = 520000
4. Give 30% Standard deduction under section 24(1)
5. Amount Liable to TaX under the head House Property = 364,000
6. Now your Gross Total Income = 364000 (as you haven't provided any other information)
7. Information regarding deductions not provided so no deduction, So your *Total Income will be same as Gross Total Income*
8. Less 250000 (slab benefit assuming age less than 60years)
8. Taxable Income = 114000
9. Now 10% Tax on Total Income (10% because total Income does not exceed Rs. 5L) = 11,400
10. Give Rebate under Section 87A which is Equal to { (tax amount) or (Rs. 5000) } whichever is lower
11. Tax = 11400-5000 = 6400
12. Add Cess @ 3% of tax = 6400×3% = 192
13. Total Tax Liability = 5400+192 = 5590 (rounded off to nearest multiple of 10)
14. Deduct TDS if any deducted by the Tenant from 5590.
15. ADVANCE TAX LIABILITY = POINT 13 - POINT 14 = 5590 (assuming no tds deducted as you haven't provide the details).

**No Advance Tax Liability as Liability as per point 15 does not exceed Rs. 10000**
** Information provided by Amit above is incorrect as he mentioned that *if total income(which is always after all deductions) exceeds 10000 then Advance Tax have to be paid**

1 Like

Om Goyal (445 Points)
Replied 02 November 2017

OPGoyal
u are right shri p bansal
further the queries is adv tax before , sep. 17 hence AY 18-19 hence tax rate is 5 percent up to taxable income 5 lac , hence tax 5871 ( 5700+171 cess) tax less than 10000 , hence no adv tax applicable it is only advisory PL also consult yr tax adviser. before any actio.