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Advance Tax for Section 44 ADA

30 July 2024

I read that the deadline of Advance Tax for indivisuals opting for Presumptive Taxation is 15th March 2025.

I want to know if there is any option in the portal to opt for Presumptive Taxation or it is during the ITR filing itsef.

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8 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (180974 Points)
Replied 30 July 2024

You can add the profession in your profile under Siurces of income.

But finally it can be declared under ITR only.

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Harshit Aggarwal ( ) (28 Points)
Replied 31 July 2024

Thank you for your reply sir.

Is it correct that the deadline of Advance tax for individuals opting for Presumptive Taxation is 15th March 2025 with only 1 installment?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (180974 Points)
Replied 31 July 2024

That is only for PGBP income under presumptive assessment. if you have other sources of income you have to pay advance tax regualarly.

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Harshit Aggarwal ( ) (28 Points)
Replied 31 July 2024

Only 2 types of incomes are expected, PGBP income and Interest on savings bank account.
So the advance tax on income of Interest is to be paid regularly?
I expect the income to be less than 10,000 for this financial year. Is there any threshold for paying advance tax on that too?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (180974 Points)
Replied 31 July 2024

If the aggregate tax liability including interest & PGBP increases 10 K, you need to pay advance tax, otherwise interest u/s. 234 will be charged, even if interest income alone be less than 10K.

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Harshit Aggarwal ( ) (28 Points)
Replied 31 July 2024

Okay sir, thank you very much

sabyasachi mukherjee (27597 Points)
Replied 31 July 2024

Advance tax for sec has to be paid and then final tax payment

denmiller652 (denmiller652) (22 Points)
Replied 04 August 2024

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