Advance tax inclusive of cess?
Ankush (Student) (1364 Points)
02 October 2019
Please clarify the same
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 02 October 2019
1. According to sec 207, advance tax needs to be paid on the total income of the assessee during the FY on each quarter within 15th at the end of the months.
2. Net tax payable if it exceeds Rs. 10,000 during the year are required to pay advance tax. Certain exemptions are provided to certain assessees.
3. Only final tax liabilities are considered which also includes cess and surcharges. Hence advance tax should be paid considering surcharge and as well as cess.
Please correct me if the above solution has an alternative view.
Kapadia Pravin
(17259 Points)
Replied 02 October 2019
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
