sir
do have to pay advance tax on IT filed under presumptive taxation
5 Replies
MOHAMMED IMRAN
(1020 Points)
Replied 23 December 2018
the eligible assessee is required to pay advance tax by 15th March of the financial year
prasad Nilugal
(3914 Points)
Replied 23 December 2018
Advance Tax is not applicable ,who have opted for presumptive taxation ,as per section 211 of sub clause a) and b) the Income Tax act 1961 , please confirm. with others also .
MOHAMMED IMRAN
(1020 Points)
Replied 23 December 2018
advance tax payable
section 211(b) an assessee who declares profit and gain in accordance with the provision of section 44AD(1) or section 44ADA (1) , to the extent of the hole amount of advance tax , during each financial year on or before 15th March
means on or before 15th March of that financial year
finance act, 2017 with effect from 1st April, 2017 i.e., AY 2017-18 and previous year 2016-17
provided : that any amount paid by way of advance tax on or before the 31st day of march shall be treated as advance tax paid during the financial year ending on that day for all the purposes of this act
section 211(b) an assessee who declares profit and gain in accordance with the provision of section 44AD(1) or section 44ADA (1) , to the extent of the hole amount of advance tax , during each financial year on or before 15th March
means on or before 15th March of that financial year
finance act, 2017 with effect from 1st April, 2017 i.e., AY 2017-18 and previous year 2016-17
provided : that any amount paid by way of advance tax on or before the 31st day of march shall be treated as advance tax paid during the financial year ending on that day for all the purposes of this act
prasad Nilugal
( GST Practitioner & Accounts )
(14811 Points)
Replied 23 December 2018
Mohammed sir in clause a) it has been mentioned that advance tax shall be payable by all the assessees other than referred in caluse b and caluse b is mentioned in bracket about 44Ad & 44AdA
MOHAMMED IMRAN
(1020 Points)
Replied 23 December 2018
yes, section 211(a) is applicable to all assessee EXCEPT THOSE ELIGIBLE FOR section 44AD and 44ADA
section 211(b) is applicable for those assessee who is eligible u/s 44AD and 44ADA
section 211(b) is applicable for those assessee who is eligible u/s 44AD and 44ADA
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